Stock price strategizing might have motivated Neuberger Berman to hold a bond sale last night, generating at least $120 million in proceeds for the potential acquisition target.

"This was done for general corporate purposes and a potential stock buyback," Jeffrey Lane, president and chief executive officer, told the MutualFundWire.com. "We've been thinking about it for at least 30 days, and the deal went through because the terms were so attractive."

The implications of a stock buyback had industry insiders speculating on the additional leverage gained from a higher stock price. "Neuberger Berman is on everyone's list for potential acquisitions," said Burt Greenwald, industry consultant, citing the attractiveness of Neuberger's big high net worth business.

"[Neuberger executives] have to recognize that now is a good time to buy the stock," said Greenwald. "They are realistic in insulating themselves as much as they can for the deal, but they are also positioning themselves to profit handsomely."

Officials stuck to the party line, disregarding the premium placed on high net worth assets and the value style.

"We're trying to build a business," said Lane, "and we're flattered by everyone's attention."

The New York-based money manager has approximately $54 billion in assets under management. 

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