LEH Lehman Brothers investment unit gets bids from Bain, Clayton Dubilier; the bids value the unit at about $5 bln - Bloomberg.com (3.65 -0.57) -Update-
Bloomberg.com reports that Lehman Brothers received bids for its asset-management unit from private-equity firms including Bain Capital and Clayton Dubilier & Rice Inc., as the investment bank seeks offers for the entire firm. The bids value the unit, which includes the Neuberger Berman fund-management business, private-equity funds and a brokerage firm serving wealthy individuals, at about $5 bln, according to people familiar with the auction who asked not to be named because the process is private. The buyout companies are angling to own a business with assets of $273 bln headed by former Goldman Sachs Group Inc. banker George Walker. Lehman Chief Executive Officer Richard Fuld sought to sell the business to save the 158-year-old firm before investors forced him to weigh a fire sale of the entire co. Representatives for Lehman and the private-equity firms declined to comment.
Bloomberg.com reports that Lehman Brothers received bids for its asset-management unit from private-equity firms including Bain Capital and Clayton Dubilier & Rice Inc., as the investment bank seeks offers for the entire firm. The bids value the unit, which includes the Neuberger Berman fund-management business, private-equity funds and a brokerage firm serving wealthy individuals, at about $5 bln, according to people familiar with the auction who asked not to be named because the process is private. The buyout companies are angling to own a business with assets of $273 bln headed by former Goldman Sachs Group Inc. banker George Walker. Lehman Chief Executive Officer Richard Fuld sought to sell the business to save the 158-year-old firm before investors forced him to weigh a fire sale of the entire co. Representatives for Lehman and the private-equity firms declined to comment.
