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Word: buyouts (lookup in dictionary) (lookup stats)
Dates: during 1980-1989
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Usage:

...stunning rebuff to Johnson, the board awarded the food-and-tobacco giant to Kohlberg Kravis Roberts, the leveraged-buyout specialists. Underdog KKR won even though the firm's final bid of about $25 billion in cash and securities, or $109 a share, was a bit less than the $25.4 billion, or $112 a share, that Johnson and his handful of top RJR managers had offered as their last stab. (The largest previous deal was Chevron's $13.3 billion takeover of Gulf in 1984.) "It was destined to happen this way," said a source close to the bidding. "The board could...

Author: /time Magazine | Title: 250,000,000,000 Buyout Barons : KKR outfox Ross Johnson's group | 12/12/1988 | See Source »

BUSINESS: The buyout barons win RJR Nabisco...

Author: /time Magazine | Title: Time Magazine Contents PageVol. 132 No. 24 DECEMBER 12, 1988 | 12/12/1988 | See Source »

CAPTION: A Leveraged Buyout in Action...

Author: /time Magazine | Title: Where's the Limit? Ross Johnson and the RJR Nabisco Takeover Battle | 12/5/1988 | See Source »

Even so, the results underscored a common criticism of the motives for buyouts. Richard Thevenet, vice president of Stern Stewart & Co., a Manhattan- based management efficiency consultant, put it bluntly: "Managers have an incentive to underperform before a buyout. Records of dramatic turnarounds after an LBO raise a troubling question. Why were these managers unable to accomplish these feats before the LBO? Shareholders bear all the costs, but not the rewards of the turnaround...

Author: /time Magazine | Title: Where's the Limit? Ross Johnson and the RJR Nabisco Takeover Battle | 12/5/1988 | See Source »

HENRY KRAVIS. With his reputation as the No. 1 leveraged-buyout specialist on the line, he was not about to let RJR Nabisco go private unless he consummated the deal. A founding partner in the buyout firm of Kohlberg Kravis Roberts, the Manhattan socialite, 44, countered Johnson's proposal by offering to pay as much as $21.6 billion for the Atlanta-based company. As RJR's new owner, Kravis, whose firm also controls Beatrice and Safeway Stores, would probably keep the food divisions and sell the tobacco business...

Author: /time Magazine | Title: The Cast of Characters | 12/5/1988 | See Source »

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