Word: closely
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Dates: during 1980-1989
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...seeming weakness turned out to be a trap. The company's officers even let it be known that Kravis was heading to Vail, Colo., for a skiing weekend and that Roberts was flying back to his home in San Francisco. But Kravis and Roberts stayed in close touch with their team in New York City as it prepared the final attack. When the directors met last week on the 35th floor of a midtown Manhattan skyscraper to open the final bids, they found that Kravis and Roberts had pumped their offer up to $106 a share, while the apparently complacent...
...sweeten the latest offer. At about 1:15 p.m. on Nov. 30, Johnson, chain smoking, submitted a bid of $112 a share and then settled into a tiny % office to await the verdict. The directors still favored Kravis. "KKR was going to have to sell fewer businesses," a source close to the board said, "and there was more protection for RJR employees under the KKR offer." Moreover, the informant added, while the Johnson group said it would reduce its initial stake in RJR after the takeover from 8.5% to 4%, "they were still trying to steal the company...
...second fiddle. Norman Augustine, chief executive officer of Martin Marietta, and Paul O'Neill, CEO of Alcoa, turned down the deputy's job. Republican Senator Pete Wilson of California began whooping it up for Rand Corp. president Donald Rice, whose many qualifications include the fact that he is a close friend and golfing partner of the most influential defense expert in Congress, Democrat Sam Nunn. Rice, who flew to Washington last Wednesday, appeared to have the inside track...
...That means eliminating Navy ships, Army divisions and Air Force fighter aircraft envisioned by Caspar Weinberger in the flush years of the early 1980s -- nearly $200 billion in weapons and research programs over the next four years. Said former Defense Secretary Robert McNamara last week: "The DOD is as close to bankrupt as you can get for a Government agency...
...consensus was that the U.S. had breached its responsibility. "It is quite clear that the U.S. decision is wrong legally," said Cyrus Vance, former Secretary of State and an international lawyer. U.S. courts would probably agree. Earlier this year, when Washington relied on an antiterrorist statute to try to close down the P.L.O.'s observer mission to the U.N., a federal court ruled that the legislation did not supersede U.S. obligations under the 1947 agreement...