Lehman Brothers Holdings Inc. has informed three private-equity firms that they remain in the running to purchase its asset management business, even though the company hasn’t decided about whether it should sell the unit, according to the Financial Times.
New York-based Lehman Brothers told Bain Capital LLC of Boston, Hellman & Friedman LLC of San Francisco and KKR & Co. LP of New York that their bids were high enough to go forward, according to the report.
Lehman Brothers has been considering options to raise cash before it issues its earnings report next month, and those may include selling all or part of its asset management business or commercial real estate portfolio, according to people familiar with the discussions.
The company has been soliciting bids from private-equity firms to gauge interest in its asset management unit, which includes Neuberger Berman LLC of New York and minority stakes in several hedge funds.
Lehman Brothers has taken The Carlyle Group of Washington out of the running because its $7 billion bid was considered too low, according to the report.
The Blackstone Group LP of New York is no longer being considered, because the company had little interest in Lehman's hedge fund stakes, according to the Financial Times.
A call to Lehman Brothers seeking comment wasn’t returned.
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