Lehman Bid for CIT Group and then Withdraw

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.

Tyco's Annual Plan Hinges on Sale of CIT Group

In a quarterly regulatory filing and a conference call last Thursday the battered Bermuda-based conglomerate made clear that much of its plans for the year hinge on its planned sale of CIT Group, which it acquired last year.