Bloomberg is reporting
that the South Korean bank's chief executive officer Min Euoo Sung told
lawmakers in Seoul on Thursday that the deal would have valued Lehman's
broker-dealer operations and asset management unit at about $4.3
billion and given KDB a majority stake.
With its situation not yet
dire, Lehman bargained hard, wanting $17.50 per share instead, which
caused the talks to collapse, according to Min. The investment bank was
trading between $15 and $17 at the time of the offer.
Lehman Brothers
was unable to shore up its position or find another investor in the ensuing weeks and filed for Chapter 11 bankruptcy on Monday. - George White
See story from Bloomberg
See Lehman Dealwatch
See Crisis on Wall Street site
