Word: bidder
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Dates: during 1980-1989
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...Saints snagged the post-season tournament last year and the ECAC championship banner still hangs in their arena. This weekend that banner is on the auction block--and Harvard is heading into Boston Garden as the league's highest bidder...
MOST BODACIOUS BIDDER RJR Nabisco chief Ross Johnson and some colleagues offered to buy out the company for $17.6 billion in a deal that could have netted Johnson $100 million. The bidding eventually hit $25 billion, but RJR directors rebuked Johnson and awarded the company to the Manhattan buyout firm Kohlberg Kravis Roberts. Last week the House Energy and Commerce Committee announced a probe of the deal...
...directors' invitation attracted a third and scrappy new bidder who helped turn the fight into a virtual Who's Who of finance and industry. Assembled by the First Boston investment firm, the group of newcomers included Jay Pritzker, the Chicago-based chairman of Hyatt Corp., his wealthy family and Philip Anschutz, a Denver oil billionaire. First Boston also wooed Harry Gray, the retired chairman of United Technologies, and several other high- rolling investors. The group came into the bidding with a show-stopping but tentative offer of cash and securities worth up to $26.8 billion, or $118 a share...
...committee of the company's directors responded to Johnson's proposal on Nov. 7 by opening the bidding for RJR to all comers, setting last Friday as the deadline. Two days before the auction closed, one potential bidder, the Manhattan investment firm Forstmann Little, scrapped its planned offer. Forstmann's departure left two contenders: the RJR management group, which had upped its offer to $21 billion ($92 a share), and the investment firm Kohlberg Kravis Roberts, with its bid of $20.6 billion ($90). RJR's board could take as long as several weeks to study all new offers, including revised...
...foreclosed housing. HUD owns 47,000 properties seized for mortgage defaults. Traditionally, these repossessed buildings have been sold at auction to the highest bidder. The Government ought to start seriously complying with 1987 housing legislation that calls for underused property to be turned over to the homeless, by donating or selling buildings at low prices to housing advocacy groups...