Weinsteins Take The Lead In Miramax Bidding
Harvey and Bob Weinstein now appear to be the frontrunners in the bidding to acquire Miramax, the company that they founded, from the Walt Disney Co. after sweetening their offer to about $600 million in cash. According to TheWrap.com, which first reported the offer, negotiations between Harvey Weinstein and a representative of billionaire investor Ron Burkle met with Disney chief Bob Iger at Iger's home to try to seal the deal. Today's (Tuesday) New York Post quoted a source close to The Weinstein Co. as saying that they are still "in the trenches, behind closed doors." Two other bidders remain in contention, Alec and Tom Gores, brothers who run two separate investment firms, Gores Group and Platinum Equity, and David Bergstein, an investor being chased by creditors who are trying to force him into bankruptcy. Bergstein is bidding through his Pangea Group, which is said to have backing from Deutsche Bank and a Saudi investor. While Bergstein reportedly has outbid the other two, his financial entanglements are said to be weighing against him.