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
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