Wednesday, December 10, 2008

Lehman's Neuberger: $1.2 Billion in Bush Beats $2.15 Billion from Bain

President George W. Bush's close relations got the deal of a lifetime. For zero down, i.e. no cash, George Herbert Walker and Neuberger's management got 51% of an independent Neuberger Investment Management. The bankruptcy court chose the certain $1.2 billion stock deal over a prior bid by Bain Capital for $2.15 billion.

The Bush family wins again. Cousin George Herbert Walker is NIM's Chairman, while brother Jeb retains his advisory role for their private equity group. Bloomberg reported:

Neuberger management received the deal of a lifetime by obtaining 51 percent of the common stock for no cash.

But more Bush sponsored Corporafornication. (Update: the deal is worth $922 million after adjustments)