Neuberger to Be Acquired by Management
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A group consisting of portfolio managers, the management team and senior professionals agreed to acquire a majority interest in Neuberger Berman, the investment management unit of now bankruptcy Lehman Brothers.
As part of the transaction, a new, independent investment management company to be called Neuberger Investment Management will be created comprising businesses that managed approximately $160 billion of assets as of November 30, 2008. Management will control 51% of the new company with Lehman Brothers Holdings Inc. retaining a 49% stake.
The Management bid was selected as the winner in a Bankruptcy Court auction held today, topping a previous bid from the private equity firms of Bain Capital and Hellman & Friedman that was announced in September and was used to start the auction process.
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No love
lboucher@gmail.com on Dec 4, 2008 05:15 AMlooks like no one wants it, so mgmt. buys it on the cheap and in a couple of years coughs it even cheaper.