Miramax auction ends tonight at 20:00: the field was reduced to 6 with bids of $ 600 million

Wow, that’s a surprise because the mini-major had been really interested in law and the name of Miramax’s library since the beginning of the sale of Disney. BREAKING NEWS: EXCLUSIVE – 06:05 PM UPDATE Summit Entertainment has just told me that he has withdrawn from the bidding. “Many of these hedge fund shops will not do it for themselves. They are sitting back to Switzerland to play waiting to see what happens. Many still unconfirmed. I can confirm that The Weinstein Co has at least two large hedge funds have 50% of the final cake. Meanwhile, I’ve learned that sitting on the sidelines waiting to see who will be in the final 6 and they can form associations are plenty of hedge funds and 8 to 10 “high net worth” billionaires power over and eager to enter this auction on the side of the bidders. Summit at a time when the process had four partners. Then they pick people to join.
But Lionsgate’s offer for Miramax (and also for MGM) has been released into chaos now that corporate raider / shareholder activist Carl Icahn has a purchase offer to shareholders of 29.9% to prevent management Lionsgate Lionsgate to go after any purchase of $ 100 million. 17:45: First there were 17, then 13 and now have 6. That’s because I learned that Disney is ending the bid for Miramax tonight at 8 PM. (Although my sources say some of the 6 just below and above some.* The final 6 will include Summit Entertainment, Lionsgate, The Weinstein Co, and probably 3 others. And I have said that the tender prices to make it the final 6 is supposed to be in excess of $ 600 million. The field of 6 will then have 4 weeks of due diligence to “really kick the tires and go to next step” in the auction for the Miramax name and the library.