Word: buyouts
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Dates: during 2000-2009
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...world of high finance, where billion-dollar deals can be struck between cocktails and dessert, the hottest play these days is a once obscure transaction known as the leveraged buyout. In such operations, corporate officers are turning publicly held firms into private businesses that are free from the demands of short-term investors and the unwanted attention of corporate raiders. In the process many of them are making vast profits for shareholders and themselves...
Descendants of Levi Strauss, the California gold-rush jeansmaker who founded the world's largest apparel manufacturer, announced in San Francisco last week that they are "exploring" a move to recapture full family ownership of the company, by taking it private in a $1 billion-plus leveraged buyout. The move is led by Robert D. Haas, 43, the Levi Strauss president and a great-great-grandnephew of the firm's founder. Haas claims the backing of other family members who own some 40% of the outstanding Levi common stock. They wish to purchase the rest, which has been issued since...
Industry analysts believe the buyout makes sound business sense. Faced with a slump in jeans sales in recent years, Levi in the past 20 months has ruthlessly slashed costs, closing 14 domestic plants and an additional nine abroad while laying off some 5,500 workers. Net profits are up for the leaner Levi, and prospects are improving. Meanwhile, lower interest rates make it cheaper for the family to borrow money to finance the buyout. LEGISLATION Taking On Takeovers...
...retailer that is withdrawing from the country after just five years. Still, Katz sees slow progress. "For a long time, the Japanese élite and public had negative attitudes toward foreign investment, fearing it would mean loss of control. Today, foreign direct investment is more acceptable, as are foreign buyout funds-and now foreign CEOs...
Start-ups also face a number of buy-out offers, often from other companies, even competing companies. The most tempting buyout offers create an incentive for employees to stay on for an additional year or two, continuing work but giving up their autonomy...