Updated 2:05 PM:
The Gores brothers have raised their bid for Miramax, an individual close to the negotations confirmed to TheWrap.
Previously:
Bidding over Miramax is rising to a fever pitch this week.
The Los Angeles Times has reported that Tom and Alec Gores have raised their bid for Miramax, in the wake of WaxWord’s report that The Weinstein Company pushed its offer to $600 million in all cash.
Disney had sought $700 milllion for the studio, but valuation experts could not justify more than about $500 – $550 million for what is essentially a very high-end library of about 600 films, including "My Left Foot," "Shakespeare in Love," "Pulp Fiction" and "The English Patient."
But as the interested parties’ bids come down to the wire, the numbers keep creeping upward. Tom and Alec Gores had submitted an all-cash bid at a figure close to that of the Weinsteins, close to $600 million. Then this past weekend, Harvey Weinstein met with Disney chief Bob Iger and bumped his bid up to $600 million in all cash.
The highest bid has come from beleaguered financier David Bergstein, who defended himself from charges of financial shenanigans and misdealings in a brief interview this week, where he did not discuss any Disney bid.
WaxWord has also learned the studio comes with about $150 million in accounts receivable over the next several years. While that figure does not count directly against the purchase price, it does somewhat mitigate what the buyer must really put on the table. But clearly, Disney wants a headline that reads that it sold Miramax for over $600 million.
And it’s getting there.
Also:
Exclusive: Weinstein Ups Miramax Bid at Secret Weekend Meeting
