Weinstein leads Miramax bidding with $600 million offer

Key factor: Increased offer is all cash

By TheWrap Apr 12, 2010 1:28PM

The Weinstein Co. appears to have moved into prime position to acquire Miramax from the Walt Disney Co. after a weekend meeting at Disney chief Bob Iger’s home, where the independent distributor upped its bid to all cash, TheWrap has learned.


TWC co-chairman Harvey Weinstein and a representative for his billionaire backer, Ron Burkle, met over the weekend at Iger’s home in Brentwood, Calif., to try to seal the deal, according to two knowledgeable individuals.


Weinstein has 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 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.


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