The deadline for bids on the Miramax sale has been pushed back yet again -- this time to Monday, April 5. I'm guessing Disney is hoping that by buying more time, the numbers will be higher.
'Bids are due on Thursday, April 1, for Miramax, the indie division that The Walt Disney Company has put up for sale.
I'm hearing that the last two bidders standing, The Weinstein Company, and Tom Gores' Platinum Equity, have been up doing all-nighters, bombarding Disney with more questions and pushing their financial analysts to justify the highest possible valuation.
Because thus far they've not been able to justify anything near Disney's desired $700 million figure.
Disney pushed the deadline for the bids off to today, March 31, but I'm told bids aren't really due until Thursday April 1.
Some observers believe that Weinstein will be able to offer more money for the company, because Miramax founders Harvey and Bob know the library well, and have the ability to exploit the assets in it better than just about anyone.
But Platinum is clearly serious about wanting to buy a platform to become a player on the production and distribution scene. It still isn't entirely clear what their growth strategy is in attempting this major purchase, but they obviously have ambitions.
Both companies have been deep in due diligence at the company, but are believed to be unhappy that Disney has been slow to provide detailed financials.
Other bidders including Lionsgate and Qualia Capital have dropped out, finding Disney's price tag for the division -- $700 million, with an expectation that bids will be above $600 million -- to be too rich for the projected returns.
My information is that the bids will come in somewhere above $500 million, but that they are having trouble valuing the library at much more than the mid 5s.
More when I have it.