Apollo Global Management LP and Centerbridge Capital Partners
LLC have put in competing bids for CW Financial Services, Bloomberg
News reports Thursday, citing two people with knowledge of the New
York buyout firms' offers.
CW Financial unit CW Capital Asset Management services billions
of dollars' worth of delinquent U.S. commercial real estate
loans.
Berkadia Commercial Mortgage LLC, a partnership between Warren
Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) and Leucadia
National Corp. (LUK), is also considering whether to bid for the
New York company, Bloomberg quoted a third person familiar with the
matter as saying.
CW Financial could fetch more than $200 million from its
auction, which is being handled by Beekman Advisors, one of the
sources said. Officials at Apollo and Centerbridge declined to
comment, as did representatives for CW Financial, Berkadia and
Beekman, Bloomberg said.
CW Financial, which invests in and finances commercial real
estate projects, is majority-owned by a unit of Caisse de Depot et
Placement du Quebec, the biggest pension fund manager in
Canada.
Full story at
http://www.bloomberg.com/apps/news?pid=20601087&sid=aO2YvcgiKHEc&pos=6
-Dow Jones Newswires; 212-416-2900