Word: buy-out
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...drama began when O'Donnell came to Johnston, his mentor, with a proposal to take the company private through a leveraged buy-out: a financial transaction in which investors, often company insiders, use borrowed funds to gain control of a firm. Johnston listened politely to O'Donnell but made no response. For the next few days the two men communicated only through intermediaries, until Johnston called the company's outside directors to an unscheduled meeting to hear what O'Donnell...
Summoned before the board, O'Donnell told the members that he had been approached by representatives of the Claremont Group, a New York City-based investment-banking firm, to discuss a leveraged buy-out. O'Donnell presumably was inclined to consider such a transaction, since it would probably have given him and his fellow managers a more significant ownership stake in the company. Johnston and some board members, however, thought they should have been consulted before any powwows took place with investment bankers...
...reports, O'Donnell volunteered that he had been "kicked out of" Columbia Business School and thus had a weak grasp of finance. Says Yunich: "We couldn't figure out whether this person had flipped his lid or not." O'Donnell says he was merely passing on Claremont's unsolicited buy-out proposal and had thus done nothing wrong...
Goizueta's second major Hollywood raid came last August with the $485 million buy-out of Embassy Communications and Tandem Productions. Embassy currently has five shows on the air, including Diff'rent Strokes, Silver Spoons and ABC television's surprise hit, Who's the Boss? More important, Embassy, which was formerly owned by Producers Norman Lear and Jerrold Perenchio, holds syndication rights to such shows as Maude, Sanford & Son, One Day at a Time and The Jeffersons. Mike Mellon, a vice president of research for Walt Disney Productions, estimates the value of Embassy's rights at $500 million...
...Vicks, which sells such popular products as NyQuil cough syrup and Clearasil acne cream, agreed to sell out to Procter & Gamble for $1.24 billion and thus avoid a bid from Unilever. Revlon, which markets items ranging from Charlie perfume to Tums antacid tablets, eluded Pantry Pride by accepting a buy-out offer of about $1.7 billion from Forstmann Little. If the deals go through, Richardson-Vicks and Revlon will join General Foods (Jell-O, Maxwell House coffee) and Nabisco (Oreo cookies, Ritz crackers) on the list of consumer-goods titans being taken over this year...