UPDATE 1 — Barry Diller's People withdraws bid for MGM Resorts

(Updates sourcing in paragraph 1, adds withdrawal details throughout) Sept 23 (Reuters) — Media mogul Barry Diller's People Inc said on Wednesday it had withdrawn its proposal to purchase all public shares of MGM Resorts International, sending the casino operator's shares down 8% after the bell. In June, People, which currently ⁠owns an approximately 27% stake in MGM, proposed to buy the remaining stake, valuing it at more than $18 billion. It had offered $48.30 a share in cash for the remaining share. For Diller, who viewed MGM as undervalued, the increasing stake offered an opportunity for People to diversify beyond ​the core media business that includes publications such as its namesake magazine and Food & Wine magazine. (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Maju Samuel) ((Aatreyee.Dasgupta@thomsonreuters.com;)