Bids top $350M for Delaware Group, 1000 Center City jobs: report

Bids for Lincoln National Corp.'s Philadelphia-based Delaware Group, its $120 billion in assets and 1,000 Center City employes, range "between $350 million and $450 million," reports Luisa Beltran of Financial Times' www.ignites.com mutual-fund news site, citing unnamed "people familiar with the process."

Lincoln, a large, cash-hungry life insurer that's trying to get federal bailout money, "will be conducting management presentations next week, the sources say. Lincoln will then pick a final bidder," Beltran adds.

"About six parties are vying for Delaware... Bidders are said to include private equity firms Advent International and Hellman & Friedman and fund firm American Century Investments, the sources say." Though some of those sources like to talk up prospects, cause it makes the really interested bidders insecure and prods them to bid more. Goldman Sachs is advising on the sale.