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

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

Rating:Ex-Neuberger CEO Teams with Private Equity to Mount a Rival Bid Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 15, 2008

Ex-Neuberger CEO Teams with Private Equity to Mount a Rival Bid

News summary by MFWire's editors

Former Neuberger Berman CEO Jeffrey Lane plans to challenge Bain Capital and Hellman & Friedman's joint bid for Lehman Brother's investment management unit, which includes Neuberger Berman. The WSJ reports that Lane has joined forces another private equity firm, Carlyle Group, to make a rival bid.

Carlyle was reportedly one of the finalists for the unit, whose sale to Bain and Hellman & Friedman was announced by Lehman on September 29.

Lane and Carlyle filed a motion Tuesday in bankruptcy court claiming that the $2.15 billion price that Bain and Hellman paid for the unit that included Neuberger, was too low and therefore violated Lehman's obligation to maximize the value of its asset sales to pay off creditors.

Carlyle and Lane are pushing for a real auction of the unit. A hearing on the matter is set for Thursday. The court has not yet given final approval to the Bain/Hellman purchase.

Lane is currently the CEO of Modern Bank, a private bank serving high-net worth clients. He has been in that position since July of 2008. Lane also briefly served as chairman and CEO of Bear Stearns Asset Management.  

Edited by: Erin Kello

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

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q3Q2Q1
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. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use