Lehmans Neuberger Sale Is Approved – Mergers, Acquisitions, Venture Capital, Hedge Funds — DealBook – New York Times

Lehman Brothers on Monday won bankruptcy court approval to sell its prized investment management division, including Neuberger Berman, to a group led by Neuberger’s management, Reuters reported.

Judge James M. Peck of the United States Bankruptcy Court in Manhattan approved the deal at a hearing. The deal is worth $922 million after adjustments, Lori Fife, a bankruptcy attorney from Weil, Gotshal & Manges representing Lehman, said in court.

Separately, Judge Peck approved a settlement calling for $1.27 billion in cash plus securities with a face value of $5.7 billion to be transferred to Barclays in connection with its purchase of Lehman’s core U.S. brokerage business.

The Neuberger management group beat out an earlier offer by private equity firms Bain Capital and Hellman & Friedman, which originally valued the asset management firm at $2.15 billion. That figure was reduced at an auction earlier this month due to the market slump, Reuters said.

Under the deal, Neuberger’s management will own 51 percent of the company and Lehman’s creditors will control the remainder.

The court approval concluded a drawn-out sale process. Lehman put part of Neuberger up for sale in August but failed to find a buyer before filing for bankruptcy in September.

via Lehmans Neuberger Sale Is Approved – Mergers, Acquisitions, Venture Capital, Hedge Funds — DealBook – New York Times.


About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on December 24, 2008, in Bank Stocks, Financial Markets, GDOW, Global and tagged . Bookmark the permalink. Leave a comment.

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