Cerberus drops out of Northern Rock auction

Buyout firm Cerberus Capital Management LP reportedly has dropped out of the running for troubled British mortgage bank Northern Rock plc, The Times of London reported, quoting unnamed sources.

If true, the only remaining bidders are Virgin Group Ltd. and Olivant Ltd., an investment group headed by Luqman Arnold, the former boss of British bank Abbey National plc. Cerberus would be the second U.S. buyout firm to abandon the Northern Rock auction. Earlier in the process, J.C. Flowers & Co. LLC also stepped aside. — Matthew Wurtzel

See story from The Times of London
See story from Reuters

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