MGM Resorts International Stock News

People Incorporated (NASDAQ:PPLI) shares rose 10% to $39.74 on Friday noon after a Wall Street Journal (WSJ) report that MGM Resorts International (NYSE:MGM) is considering a potential takeover bid for the media company. The stock was up $3.81 from Thursday's close of $35.93, extending a sharp move that began in after-hours trading after the report emerged.

Shares in Barry Diller's People Inc. surged 9% in early trading Friday after a report of an unusual role-reversal acquisition bid from MGM Resorts. Earlier this week, People said it was dropping its $18 billion plan to acquire full control of MGM Resorts, in which it already holds a 27% stake.

People Inc. stock was surging as MGM Resorts considers whether to launch a bid for the Barry Diller-owned media company.

MGM Resorts International is discussing making a ​bid to purchase Barry Diller's People ‌Inc , the Wall Street Journal reported on Thursday, a day after People Inc withdrew its proposal ​to buy MGM Resorts.

The billionaire's company, which has a stake in MGM, also owns titles including Food & Wine magazine.

Barry Diller's People Inc withdrew its proposal to buy the outstanding shares of MGM Resorts International (NYSE:MGM) that it does not already own, sending the casino operator's stock down nearly 9% on Thursday morning. The group proposed in June to acquire the MGM shares for $48.30 a share, a deal that valued MGM at more than $18 billion.

Barry Diller's People Inc. has rescinded its offer to buy MGM Resorts. People Inc., which already owns a 26.1% stake in the casino giant, announced its bid to buy the company's remaining public shares in June.

Barry Diller's People Inc. pulled its offer for the hotel and casino operator on Thursday—but the media mogul may still be interested in a deal.