What does KKR see in Neuberger Berman?

According to CNBC, Kohlberg Kravis Roberts has emerged as the leading candidate to buy Neuberger Berman, the mutual fund company owned by Lehman Brothers. KKR rival the Blackstone Group apparently is apparently not interested at all, while JC Flowers, Apollo Management and the Carlyle Group may fall somewhere in between. Neuberger Berman is seen as a top wealth management company. The details will be key. As reported, Lehman wanted to sell a 70 percent stake with an option to buy back the remainder later. Which doesn't sound like a great deal for any buyer. It's also unclear what such a sale will do to Lehman's earnings picture and how credit rating agencies will view such a sale. The clock is ticking for Lehman. That's for sure. They are not in position to drive a hard bargain.  

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