In anticipation of a reported $1.5 billion bid by Time Warner, MGM extended the deadline for the close of bidding from Friday to Monday, reports Reuters: "Lions Gate Entertainment and billionaire Len Blavatnik's industrial holding company Access Industries have put in second-round bids for Metro-Goldwyn-Mayer, but Time Warner Inc is still considering a bid, sources told Reuters on Monday."
According to an MGM spokesperson, the studio received a number of bids:
...as part of its ongoing process of exploring strategic alternatives, which include continuing to operate as a standalone entity and evaluating a potential sale of the Company" she stated. "The Company will review the bids and related transaction terms over the next several weeks. As part of its efforts to strengthen its financial position and to facilitate the Company’s strategic review process, MGM also said today it expects to work with its lenders to extend the current forbearance period on its bank debt, which ends March 31, 2010. The Company also expects to seek a forbearance agreement for its revolving line of credit, for which a payment is due April 8. MGM appreciates the strong support it has received from its lenders throughout this process.
Here's the the LAT, which reports that Time Warner is making a Monday afternoon all-cash offer for $1.5 billion. Saddled with $3.7 billion in debt, MGM's 150 creditors were seeking $2 billion.