A New Deal For New Century?By
New Century Financial (NCEN), a specialty finance company engaged in subprime mortgage lending, has quietly hired the New York investment firm PaineWebber to come up with strategic options, including the sale of the company, say some investment pros familiar with the situation. By June 23, PaineWebber is expected to tell directors that two companies are interested in acquiring New Century. One, say these sources, is a financial-services company with a $15.2 billion market value and assets of $186 billion. The other is a bank holding company with a market cap of $15.7 billion and $81 billion in assets.
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