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Monday, July 08, 2002

NB Makes an Offering

by: Tony Pennino

Neuberger Berman (NYSE: NEU) has filed a registration with the Securities and Exchange Commission proposing a secondary offering of approximately five million shares of its common stock. 1.7 million of those shares would be from common stock the firm's employees own through its defined contribution plan. The other 3.3 million would be from common stock owned by the firm's principals before it went public in October 1999.

These founders shares may be delivered by the Trust, a closed-end investment company, in 2005; that can occur upon the exchange of the Trust Automatic Exchange Securities concurrently being offered by the Trust.

Further, that Trust filed a registration statement as well for a proposed primary public offering by the Trust concerning up to 3.3 million shares of Neuberger Berman common stock.

Neuberger Berman will not receive any of the proceeds from the offering. A spokesperson with the firm could not discuss the matter because of the current quiet period. 

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