Lehman Brothers ( LEH) reportedly is in advanced talks to buy Neuberger Berman, an asset-management firm, for about $3 billion in stock and cash.

Citing sources familiar with the situation, The Wall Street Journal said the talks still could fall through, and that no board meetings have been set to approve any deal.

The talks have been going on for some time but recently have intensified, according to sources, the Journal report said. A Lehman spokeswoman declined to comment, according to the report. Jeffrey Lane, Neuberger's president and chief executive, declined to comment as well, the report said.

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