Disney Says March 19th is Deadline for Miramax Bidding
Posted by Ashley McChesney on Sat, Mar 13, 2010 @ 12:37 PM
One day after March 19 was set as the deadline for binding offers for MGM, the same date has emerged as a deadline in the latest round of bidding for Miramax.
Owner Walt Disney Co. hopes to select a winning bidder from offers received by that date and close on a sale of the one-time indie highflyer within 30 days of the deadline.
Interested parties offer conflicting takes on how heated interest in Miramax has been. Some say Disney's suggested minimum bid of $700 million is overcooked by at least $200 million, and others claim sufficient interest to deliver offers of that level or higher.
Disney finally allowed some financial due diligence among prospective suitors during the past few weeks. But with the studio running the Miramax auction without the assistance of an outside consultant, Disney has been able to control information about individual bidders -- and the Burbank studio's ultimate intentions in the process.
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