Bankrupt imaging giant Eastman Kodak Co. (Pink: EKDKQ) said it extended the auction for its 1,100 patent portfolio beyond Monday's deadline because it was talking to rival bidders. Citing "a complex and dynamic process," the company didn't disclose more information.
Last week, reports said two principal syndicates, one headed by Apple (Nasdaq: AAPL), the world's most valuable technology company, and the other by Google (Nasdaq: GOOG), the No. 1 search engine had bid no more than $250 million for the patents. A year ago, Kodak CEO Antonio F. Perez said he believed they were worth between $2 billion and $3 billion.
Subsequently, investment bankers specializing in patents such as Paul A. Ryan, CEO of Acacia Group (Nasdaq: ACTG) have said they still believed the patents were worth that much but that Kodak's bankruptcy had a negative effect on valuation..
The Rochester, N.Y., company also released information provided to U.S. Bankruptcy Court in New York City that indicates management believes a smaller Kodak could be profitable on revenue of $4.5 billion in 2013 as the company sheds most of its imaging assets to focus on printer sales and royalties from patent licensing.
Kodak shares closed unchanged at 21 cents Monday, valuing the 132-year-old company at only $57 million.