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MGM Stock Crashes 11% After Barry Diller Withdraws $48.30 Buyout Bid—What Happens Now?

MGM Resorts suddenly finds itself back on its own after Barry Diller’s People Inc. withdrew its proposal to take the casino operator private for $48.30 per share in cash. The market reaction was immediate: MGM shares fell 11% in after-hours trading, highlighting how much takeover expectations had become embedded in the investment story. Yet the withdrawal does not erase the company’s recent operating momentum—or Diller’s continuing exposure to the stock. People still owns approximately 66.8 million MGM shares, representing roughly 27% of the company, and has said it remains open to a potential strategic transaction. Meanwhile, MGM entered the second half of 2026 after reporting record second-quarter consolidated net revenue, record same-store regional revenue and 20% growth at MGM Digital. The question now shifts from whether MGM will be acquired at $48.30 to what its Las Vegas, regional casino, Macau, digital and Japan businesses can support as a standalone company.