Lehman Brothers Holdings, which filed for bankruptcy in 2008, is looking to offload its $1.5 billion equity stake in the New York–based Neuberger Berman Group, Bloomberg reports. The deal comprises redemptions of Lehman’s preferred equity in the asset management firm and a possible buyback by Neuberger of its common shares.
The preferred stock is expected to provide some $845 million, and the common-stock buyback could provide $450 million. Lehman has already received $160 million in dividends and tax distributions, part of the deal with majority employee-controlled Neuberger.
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New York Bloomberg Lehman Brothers Holdings Neuberger Neuberger Berman Group