The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Judge OKs Bid Procedure for Neuberger Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, October 17, 2008

Judge OKs Bid Procedure for Neuberger

News summary by MFWire's editors

A bankruptcy judge on Thursday greenlighted bid procedures for the sale of Lehman Brothers' investment management unit, including Neuberger Berman, in a bankruptcy auction, Reuters reports. The auction will take place in December and a sale hearing is scheduled 15 days after the auction. Private equity firms Bain Capital and Hellman & Friedman LLC, which late last month reached a deal with Lehman to buy the unit for $2.15 billion, will be the lead bidder at the auction.

The sale procedures approved by Judge James Peck includes some bid protections for Bain and Hellman including a $52.5 million break-up fee and the ability to solicit consent from the company's clients before the auction, according to the report.

A lawyer for the Carlyle Group, a private equity firm which, together with ex-Neuberger Berman CEO Jeffrey Lane, is interested in bidding for the investment management division at auction (see The MFWire, October 15, 2008), said the client consent solicitation puts Bain and Hellman at an unfair advantage. The judge said he had some concerns about the consent solicitation, but added there there was no better alternative at this time. 

Edited by: Armie Margaret Lee

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use