The book is finally out on Lehman Brothers'
asset management unit. After weeks of mounting speculation, two pubs are reporting that the company is circulating the book on the asset management unit, which includes Neuberger Berman
The New York Times
reports that several companies received letters from Lehman testing interest in the division. The pub names Kohlberg, Kravis & Roberts
, J.C. Flowers
, the Blackstone Group
, the Carlyle Group
and Apollo Management
as among the letter recipients.
The letters, according to The Times, stated that the company was willing to accept bids for pieces of the unit, but encouraged offers for the whole business.
Analysts tell the pub that unit could fetch anywhere from under $7 billion to as much as $13 billion.
The Wall Street Journal
also ran the story, adding Hellman & Friedman LLC
and General Atlantic LLC
to the list of possible bidders. Analysts told the pub that the unit as a whole could be worth between $8 billion to $10 billion.
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