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Hammer Expected To Come Down Soon On Octagon Sale

20 Feb 2004

The potential divestiture of Octagon Credit Investors by J.P. Morgan Partners is said to be reaching the home stretch with final bids now in.

The potential divestiture of Octagon Credit Investors byJ.P. Morgan Partners is said to be reaching the home stretch with final bids now in. One banker said private equity firms displayed an interest, while an official at a rival asset management firm has indicated big-name loan managers also bid for the business that has approximately $1.75 billion in assets under management.

LMW first reported in August that Octagon could be for sale (LMW, 8/31) and last month noted that books were sent out to approximately 25 bidders (1/5). A third option is for the staff, led by senior portfolio manager James Ferguson, and portfolio managers Michael Nechamkin and Andrew Gordon, to take an ownership interest, sources noted. Questions for officials at J.P. Morgan Partners were referred to a spokeswoman, who did not return calls.

 

20 Feb 2004