Is there a counterbid for Neuberger in the offing? That’s how we’re reading the news, reported by Reuters’ Megan Davies, that the deadline for potential counterbids for Lehman Brothers’ asset management arm was extended to 7:00 pm from noon on today. Megan cites a filing with the bankruptcy court as creating the extension.
It’s hard to see why the court would extend the deadline unless it expected another bidder to step in. Potential new bidders include the private equity group Carlyle, which had expressed interest in Neuberger. We’ve also heard that Neuberger executives, both former and current, had approached private equity investors about arranging a possible management buyout of their firm.
Earlier: Neuberger Berman Deadline At Noon.