Lehman narrows field to three suitors | FT Alphaville

Lehman narrows field to three suitors

Lehman Brothers has told three private equity firms – KKR, Hellman & Friedman and Bain Capital – that they remain in the bidding for its asset management arm even though the investment bank has yet to make a final decision on whether to sell the unit, reports the FT. Lehman is considering options to raise cash before its earnings report next month – including selling a stake in itself or selling all or part of its asset-management arm or its commercial property portfolio. Lehman has been soliciting bids from buyout firms to gauge interest in its asset management arm, and has told  KKR, Hellman and Bain have been told by Lehman that their bids are high enough to go forward, while Blackstone and Carlyle have been eliminated from the informal auction.