Updated Version 1 - People, a company owned by Barry Diller, has withdrawn its acquisition offer for MGM Resorts.

Updated the source in paragraph 1 and added details of the withdrawn proposal throughout the article.

Reuters, September 23 - People Inc (PPLI.O) , owned by media mogul Barry Diller, said on Wednesday that it has withdrawn its proposal to acquire all outstanding shares of MGM Resorts International (MGM.N), causing the casino operator's shares to fall 8% after hours.

Back in June, People, which currently holds about 27% of MGM shares, had proposed to acquire the remaining shares, valuing MGM at over $18 billion. At that time, the company offered $48.30 in cash per remaining share.

For Diller, he believed MGM was undervalued, and increasing his stake provided People Magazine Group with an opportunity to diversify its business beyond its core media operations, which includes the namesake magazine, as well as publications such as Food & Wine.

(To facilitate non-native English speakers, Reuters has automated the translation of this report into several other languages. As automated translation may contain errors or omit intended context, Reuters does not guarantee the accuracy of these translations and provides them solely for reader convenience. Reuters accepts no liability for any damages or losses arising from the use of the automated translation function.)