The Weinstein Company appears to have moved into prime position to acquire Miramax from The Walt Disney Company after a weekend meeting at Disney chief Bob Iger’s home, where the independent distributor upped its bid to all cash, WaxWord has learned.
TWC’s co-chairman Harvey Weinstein and a representative for his billionaire backer Ron Burkle met over the weekend at Iger’s home in Brentwood to try and seal the deal, according to two knowledgeable individuals.
Weinstein has now increased its bid to an all-cash offer of $600 million, hitting the bar that was important to Disney.
There are two other bidders in the process, Alec and Tom Gores from Platinum Equity, and the beleaguered financier David Bergstein with a Saudi investor and Deutsche Bank. Bergstein's offer is believed to be higher than TWC's, but the Gores' bid was all cash.
But even those bidders now believe that Weinstein has moved into the lead position to acquire the arthouse company that Harvey and Bob Weinstein founded three decades ago.
The Weinsteins are backed by Fortress Investment Group and Colbeck Capital, in addition to Burkle.
Though no end date has been given for the Miramax sale, it appears that negotiations are reaching a climax, and that a decision may be on the horizon.