MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, September 18, 2008 Korean Banker Talks about the Lehman Deal That Might Have Been The top executive of South Korea's Korea Development Bank on Thursday looked back on the deal that didn't materialize between the bank and Lehman Brothers, saying KDB valued Lehman's broker-dealer operation and investment management business, including Neuberger Berman, at KRW 5 trillion (U.S. $4.4 billion), Dow Jones reports. "What we had offered to pay was a third of what Lehman had wanted and half of its market value," KDB Chief Executive Min Euoo-sun told a National Assembly committee reviewing the bank's operations. Min led Lehman Brothers' Korea operation for three years prior to joining KDB. According to the report, KDB offered $6.40 a share for a controlling stake in a "stripped-clean" version of the two units in late August, including a 30 percent managerial control premium. In mid-July, Lehman reached out to KDB regarding the possibility of purchasing Lehman shares directly from the market through a tender officer, Min said. Printed from: MFWire.com/story.asp?s=19352 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |