UPDATE: The rumor wire is working overtime right now on the ramifications of a surprising lack of several expected bids not materializing. Tonight, there was rumor that Legendary might be a surprise bidder. Sources tell me that the company did kick the tires, but didn’t bid. So that didn’t happen.
EXCLUSIVE: Lantern Capital’s path toward winning the assets of The Weinstein Company just got much clearer. Sources said that Miramax, Lionsgate, MGM and Vine and Shamrock have all decided not to tender bids. “It looks like nobody showed up today,” was how one informed source put it. Those companies had been angling through the early bidding process for the assets of a company that hit the rocks following the Harvey Weinstein scandal.
Lantern Capital, which was part of the bid by Yucaipa and Maria Contreras-Sweet, became the stalking horse bidder when the Dallas-based private equity form made a $425 million offer, $310 million in cash and the assumption of $115 million in liabilities. The expectation was that all these players could step in and try to top that price. The deadline for bids is today, but if my sources are right, Lantern could well wind up with the library and the completed and development projects for film and television are a very reasonable price.