Barry Diller's People Inc. has rescinded its proposal to buy MGM Resorts International , sending shares of the casino giant down 9% on Thursday. The update comes nearly four months after Diller's company offered to purchase MGM Resorts for $48.30 per share. People Inc. already owns a roughly 26.1% stake in MGM. Diller, chairman of People Inc. — formerly known as IAC — attributed the decision to the complicated nature of the deal. "There are lots of ingredients that go into a proposal of this kind on its way to completion," Diller said in the press release. "We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time.
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