MGM Resorts International shares sank as much as 10% Thursday after Barry Diller's People Inc. withdrew its $18 billion bid to take the casino and online-gaming giant private, ending four months of on-and-off negotiations.

People had submitted a formal offer in June to acquire all outstanding MGM shares for $48.30 apiece in cash. Variety reports the deal stalled as Diller struggled to line up the outside equity backing needed to finance a deal of that size.

Not a full exit

"We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time," People said in a statement announcing the withdrawal, according to Deadline.

NOT PURSUE TAKING THE COMPANY PRIVATE AT THIS TIME

People Inc. still holds roughly 66.8 million MGM shares — about 27% of the company — making it MGM's largest shareholder by a wide margin. Diller said the firm remains open to a "strategic transaction" with MGM and will consider a range of alternatives, leaving the door open to a revived or restructured deal down the road.

Proactive Investors noted rival casino operator Caesars Entertainment's stock barely moved on the news, suggesting investors don't see broader read-through for the Las Vegas Strip from the collapsed deal. The bid had loomed over MGM's stock for months, with shares trading at a premium tied to takeover speculation since Diller's June offer.

MGM has not commented beyond confirming it received the withdrawal notice. Without a deal, the company returns to trading purely on its own operating results — including its Las Vegas Strip properties, regional casinos and BetMGM online-betting joint venture.