Lehman Brothers targeted by private equity firm

Lehman Brothers had received bids for its asset management unit from private equity firms including Bain Capital and Clayton Dubilier & Rice, people familiar with the situation said at the weekend.The bids valued the unit, which includes the Neuberger Berman fund business, private equity funds and a brokerage firm serving wealthy individuals, at about $5 billion (R40.2 billion), said the people, who asked not to be named as the auction was private.Lehman said on Wednesday that it would sell 55 percent of the investment unit, part of chief executive Richard Fuld’s plan to keep the firm independent.After its shares fell 53 percent in the next two days, Fuld began talks with firms including Bank of America to sell all of Lehman, potentially derailing the auction.“It’s still going to be a premier property,” said Eric Weber, the managing director of Freeman financial services consulting firm. “Three years from now, you can take it public, if you can get your hands on it.”San Francisco-based buyout firm Hellman & Friedman may also have put in a bid, according to the people.Representatives for Lehman and the private equity firms did not comment. The New York-based firm proceeded with the auction because the private equity firms continued to express interest in a deal, according to the people.While Lehman aimed to complete the sale by late next month, the process may be disrupted by a takeover of the company.Bloomberg