Word: buyouts
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...Gulf Oil in 1984, forcing the energy giant to merge with Chevron and earning nearly $400 million from his seven-month raid. Later Milken bankrolled Carl Icahn in a $1.2 billion takeover of TWA. Supported by Drexel's bonds, the little-known firm Kohlberg Kravis Roberts became America's buyout king, acquiring 35 companies for more than $60 billion since...
Quite a few of these jeremiads are headed for the screen. Producer Ray Stark (Steel Magnolias, Annie) last week acquired film rights to Barbarians at the Gate, a best-selling account of the $25 billion takeover of RJR Nabisco, the largest buyout ever. Warner Bros. has paid a sum estimated to be in the high six figures for the privilege of filming Liar's Poker, an I-lived-with- savages expose of the Wall Street firm Salomon Brothers. And the cameras are ready to roll on the movie version of Tom Wolfe's blockbuster novel, The Bonfire of the Vanities...
...Nabisco chief executive who launched the bidding for his own company and stood to make more than $100 million if he prevailed, is described as "a man who devoted his life to shaking things up" and an executive "loyal to little but his own whims." Johnson's nemesis, buyout expert Henry Kravis of Kohlberg Kravis Roberts, was so obsessed with conquering RJR Nabisco that he entered the battle knowing little of substance about the giant food-and-tobacco company...
...crowning blow came in the fall of 1988, when Shearson lost the $25 billion buyout battle for RJR Nabisco, the largest takeover fight in history. Wall Street insiders contend that Cohen -- whose firm had advised F. Ross ( Johnson, then the head of RJR, in his original bid for the company -- stumbled badly by assuming that takeover specialist Henry Kravis would stay out of the running for RJR. Kravis surprised Cohen with a higher bid and eventually outmaneuvered the Shearson executive...
...have been hit harder than junk bonds. The $200 billion market fell 7% in value during the last quarter of 1989. It suffered another blow last week when the credit-rating agency Moody's suddenly downgraded some debt issued by RJR Nabisco, which went private in a $25 billion buyout last year. The RJR securities had been viewed as among the most solid junk bonds. But investors were quick to flee; in two days, many RJR bonds lost $200 for each $1,000 of face value...