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The Economic Times

Business

US stocks: MGM Resorts shares plunge 10% as Diller’s IAC drops $18 billion bid

MGM MGM Resorts People Inc Las Vegas Strip

MGM Resorts shares sank 10% in premarket trade on Thursday after Barry Diller's People Inc walked away from its $18-billion-plus takeover bid for the casino operator, erasing every dollar of the rally the offer had sparked, Reuters reported.

At $33.69, the stock was at its weakest in seven months, taking it back below where it traded before People made its approach.

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