Lehman Brothers Holdings, an adviser to Tyco International, bid about US$5 billion for Tyco's CIT finance unit but then appeared to withdraw the offer, executives close to the negotiations said last Friday.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The group is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
The executives said Lehman apparently pulled back the bid after word of the proposed deal was leaked to the news media. However, they said that they expected talks between Lehman and Tyco on a possible deal to continue.
