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KKR, Hellman & Friedman, Bain Capital Top Bidders for Lehman's (LEH) Asset Management Arm -FT
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The Financial Times reported last night that Lehman Brothers (NYSE: LEH) has informed three private equity firms - Kohlberg Kravis Roberts, or KKR, Hellman & Friedman and Bain Capital - that they are still in the running to purchase its prestigious asset management branch, which includes Neuberger Berman.
In an attempt to raise capital before its Q3 earnings report, scheduled for sometime next month, Lehman has been mulling a sale of the unit to a number of private firms, but has recently narrowed its list to the above three firms after recently eliminating Blackstone (NYSE: BX) and Carlyle from the auction. According to the FT report, Carlyle's $7 billion bid to buy the entire arm was considered too low by Lehman.
While Lehman continues to talk with these private equity groups, it has not yet reached a decision on how it will raise much-needed capital.
Shares of Lehman are currently up $0.96, or about 6.8%, to $15.00.
Lehman Brothers Holdings, Inc., through its subsidiaries, provides various financial services to corporations, governments and municipalities, institutions, and high-net-worth individuals worldwide.
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