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Warner puts in Midway bid

Thursday 21-May-2009 5:05 PM $33 million bid put together to buy up Midway's assets.

Warner Bros has put together a $33 million bid for Midway's assets.

However, the bid is not for all parts of Midway. If successful, the $33 million will grant Warner Bros most of Midway's US assets, such as their Chicago and Seattle studio along with the Mortal Kombat name.

However, the bid doesn't include Midway's studios in San Diego and Newcastle, nor the TNA license.

"Prior to court approval of the Warner agreement, there will be a court-supervised auction process to facilitate competitive bidding by other qualified buyers," Midway said in a statement. "This process is intended to achieve the highest value possible for the company's stakeholders.

"The bidding procedures, if approved, would require interested parties to submit binding offers to acquire some or all of the company's assets within approximately 30 days of court approval of the bid procedures. Assuming qualified bids are submitted, an auction would be held a few days prior to the sale hearing. A court hearing approving the sale to the winning bidder or bidders would be held soon after the conclusion of the auction, followed by a final closing."

Thanks to Edge-Online.

Ryan King