Tag Archives: Midway auction

After announcing last week that Warner Bros had made a “stalking horse” agreement of $33 million for the company, Midway released a statement today saying the rest of the company is up for bid.

“Midway recently announced a stalking horse asset purchase agreement, which is expected to receive court approval, subject to higher or better bids, in a hearing on June 2, 2009,” reads the statement. “There will be a period during which Midway, through its financial advisor, Lazard, will accept binding offers up to June 24th, 2009, to acquire some or all of the Company’s assets.”

These assets include the TNA wrestling and Mortal Kombat franchises, four studios, European and North American publishing groups, open world and casual games, and the full classic IP library.

Any company that wants to acquire the development teams would have to go through a legally bound “separate acquisition” without taking on the debt incurred by Midway.

Joystiq has more on this, should you wish to read up a bit more on it.

The auction is expected to commence on June 29.

[UPDATE] Or you can just read the press release below.

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