July 22. 2003
Lehman Brothers Holdings, Inc. announces plans to purchase fund manager Neuberger Berman Inc. for $2.63 billion in stock and cash.
On July 22, Lehman Brothers Holdings, Inc. announced it has agreed to purchase fund manager Neuberger Berman Inc. (Willkie client) for $2.63 billion in stock and cash. After nearly a month of negotiations, Lehman will pay $9.49 in cash and 0.496 of a Lehman share for each Neuberger share, valuing them at $41.48 each. The purchase price is equal to 4% of Neuberger's assets under management, higher than the customary 3% target for a manager of active funds. Lehman said the acquisition would raise its clients' assets under management to more than $100 billion. The July 23 edition of The Daily Deal reported that Willkie partners Jack Nusbaum, David Boston and Frank Daniele advised Neuberger on the transaction. Additional Willkie attorneys on the deal included partners Daniel Schloendorn and Andrew Needham; special counsel Martin Miller; and associates Robert Langdon, Danielle Garber, David Carp, Pasco Struhs and Eric Rosenoff.
