will end up in the hands of a group of senior
managers and senior employees, The New York Times' Deal Book
reports. Their bid beat out a joint offer by Bain Capital
and Hellman & Friedman
, plus one other bid,
partly because it offered more certainty, according to The Times, citing an anonymous source.
Neuberger's management will spin off the division, majority owned by executives and employees. The Lehman estate would keep a "significant portion" of Neuberger, the report stated.
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