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The speculation over whether or not Lehman Brothers Inc. will sell its prized money management division, Neuberger Berman, can now end, as the bank has reportedly sent out letters gauging the interest of private equity firms.
The New York Times is reporting that:
A sale would likely include Neuberger Berman (which Lehman Brothers acquired in 2003 for $2.6 billion), Lehman Brothers Asset Management and its private client brokers. The value of Neuberger Berman alone is estimated at anywhere between $6 billion and $8 billion. Lehman is bracing for reaction to a possible third-quarter loss that could reach $1.8 billion; it's likely getting the ball rolling on major assets sales to shore up investor confidence. - George White See NY Times story See Dealscape post on Lehman earnings See Dealscape post on Lehman asset sales Categories Deal Video
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