On-going discussions between OEM and bidders results in extension of patent auction.
Ft.com reports that Kodak’s patent auction has been extended “in light of continuing discussions with bidders”.
The auction of Kodak’s 1,100 patents took place on 8 August, with the outcome originally planned to be announced on 13 August. However, the article reports that a statement from the company said the auction is to be extended, describing it as “a complex and dynamic process”.
While details regarding the auction have remained strictly confidential, it is widely reported that both Apple and Google are competing over the patents, with The Recycler recently reporting that the companies had both put in bids at significantly lower amounts than Kodak had originally estimated.
The sale of Kodak’s patents is hoped to lift the company out of bankruptcy, with the patent portfolio expected by Kodak to reach $2 billion (€1.6 billion), but reports last week indicated that initial bids had amounted to between $150 million (€122 million) and $250 million (€202 million), although this was expected to rise throughout the bidding process.
Kodak’s patents have also recently been the subject of numerous legal cases between Kodak and Apple, with both companies claiming ownership of several patents and accusing each other of patent infringement.