New Star, the troubled asset management group that called in its banks to agree a capital restructuring last week, said rivals had expressed interest in buying all or part of the group.
The fund manager, which was set up by John Duffield in 2000, is now controlled by its banks having last week agreed to swap most of its £260m in debt for a 75 per cent equity stake and £94m of convertible preference shares. The banks are expected to try to secure a quick sale of the whole business.
New Star said yesterday it was not in discussions about an offer and was pursuing the debt-for-equity swap.
Financial Times, Daily Telegraph