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Rating:Lehman Drops the Book on its Asset Management Unit Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 19, 2008

Lehman Drops the Book on its Asset Management Unit

News summary by MFWire's editors

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.  

Edited by: Erin Kello

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