Barry Diller's People Inc. rescinded its $48.30-per-share takeover offer for MGM Resorts International, citing deal complexity and debt concerns, causing MGM shares to drop roughly 11%. Diller remains open to future strategic transactions with MGM, which People Inc. already owns 26.1% of.
Caesars Entertainment shareholders approved a $6 billion merger with Fertitta Gaming, creating one of the largest gaming empires. The deal values the company at approximately $17.6 billion and will make Caesars privately held. The merger still requires federal antitrust review before completion.