People Inc. has officially withdrawn its $18 billion offer for an MGM Resorts buyout, ending months of detailed negotiations aimed at taking the major casino operator private. The decision was confirmed following extensive discussions between company executives and a special committee set up by the board of directors to evaluate the proposed takeover. The company, formerly known as IAC and chaired by media executive Barry Diller, originally submitted its transaction proposal on June 1st. The firm proposed buying out all remaining public shares at $48.30 per share in cash. People Inc. already owns 66.8 million shares, representing a 27% stake…

Online poker operator 888 Group believes it is still at the table in the battle for the online gaming company Bwin.party. 888 Poker runs a popular website as well as online casino gaming, has arranged a meeting with Bwin this week. The move comes despite Bwin’s board declaring last week that a rival offer from GVC and Canadian poker giant Amaya was its preferred option. After that announcement, GVC chief executive Kenny Alexander, told City A.M. he was “just days away” from completing the deal. A spokesperson for GVC yesterday downplayed the challenge from 888, telling City A.M.: “We have…