NEW YORK -- Lehman Brothers is holding an auction to sell its investment management unit that includes the Neuberger Berman money management business. There are three bidders.
The auction is scheduled for noon Wednesday, and Lehman lawyer Shai Waisman said it could last most of the day.
One of the bidders is a group that includes private equity firms Bain Capital Partners and Hellman & Friedman. In September, that group had proposed paying $2.15 billion.
If their bid is successful, the private equity firms will create a new, independent investment management company encompassing the businesses, which managed more than $230 billion of assets as of Aug. 31. Neuberger Berman will be the largest operating unit of the new company and, with the fixed income and alternative asset management units, will form its core. ...
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