Feb 15 Investment bank Gleacher & Co Inc
said it agreed to sell its mortgage lending unit
ClearPoint to Ocwen Financial Corp and ended its search
for a potential capital infusion or a buyer.
Gleacher, which did not disclose ClearPoint's sale price,
said it expects the deal to close in the first quarter.
The company, founded by merger and acquisition veteran Eric
Gleacher, said last year it was exploring strategic
alternatives, including raising more capital or a sale.
"Although we did not believe any proposal we received during
the process adequately reflected Gleacher's value, we will, as
before, be opportunistic in considering value-building strategic
initiatives," Chief Executive Thomas Hughes said in a statement.
Eric Gleacher, who founded the company in 1990, stepped down
as its chairman last month. He created the
mergers and acquisitions department at Lehman Brothers in 1978
and ran global M&A at Morgan Stanley from 1985 to 1990.
During his time at Morgan Stanley, he advised private equity
giant Kohlberg Kravis Roberts in its famous takeover
battle for RJR Nabisco and featured in the bestselling book on
the deal, "Barbarians at the Gate".