Competition Intensifies For Miramax (DIS)

Walt Disney’s (NYSE: DIS) Miramax Films unit is garnering interest from potential suitors. There are currently three groups vying for the film unit. One of the groups, led by Alec and Tom Gores, has raised its bid for the studio. The group’s initial bid was $550 million.

According to Reuters, One of the other suitors, a group consisting of Bob and Harvey Weinstein and Ron Burkle, has offered $600 million. The highest bid of $650 million is from a group of investors led by film executive David Bergstein.

It is believed that Walt Disney (DIS) is willing to close the deal within weeks. Alec Gores is founder of private equity firm The Gores Group, while Tom Gores mans Platinum Equity. If successful, the brothers are expected to boost Miramax’s shuttered production division.