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Management Group Wins Neuberger
By Vinnee Tong
NEW YORK -- A group of managers and employees has won an auction to buy Lehman Brothers' prized investment management unit, which includes the Neuberger Berman money management business.
The bid from the Neuberger Berman group beat out two other competing bids, one of which came from the private equity firms Bain Capital Partners and Hellman & Friedman.
The size of the winning bid wasn't disclosed, but Bain and Hellman's bid had previously valued the unit at $2.15 billion. ...
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