Lehman's Neuberger Division Sale May Be Scuttled By S&P Drop
November 29, 2008, Bloomberg

As reported in Bloomberg, Bain Capital LLC and Hellman & Friedman LLC's acquisition of Lehman Brothers Holdings Inc.'s investment management business may not go through because of a stipulation linking the deal to the current value of the S&P 500 Index.

Owen Pell, a partner in the Litigation Practice at White & Case in New York, says a clause like this ensures that "the buyer gets the comfort of knowing that a certain market decline does create an out on the deal that is clean."