Mystery Bidders Vie For Lehman Asset Mgmt. Unit

Law360, New York (December 3, 2008, 12:00 AM EST) -- In an unexpected twist, three parties are now vying for Lehman Brothers Holdings Inc.’s prized investment management business, as two new, as-yet-unnamed bidders stated their intention of competing in Wednesday’s auction.

While two new bids have reportedly been floated, casting uncertainty on the $2.15 billion stalking horse bid by Bain Capital LLC and Hellman & Friedman LLC, the identities of the new parties remain a mystery.

The auction is expected to last most of the day, and while the exact participants are unknown, private equity firms...
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