Word: coniston
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Among corporate raiders, Coniston Partners was the ultimate upstart. Some of its targets had barely even heard of Coniston until it was too late. The firm's runs against such companies as Gillette and the Allegis travel conglomerate brought returns of more than 40% to the small pool of investors who put a minimum of $5 million apiece into Coniston's funds. But as raiding went out of fashion, the firm's success began to wane. Last week Coniston said it would disband the $700 million pool that funded its takeover bids and proxy fights. But partners Keith Gollust, Paul...
...power of the proxy was evident last week when the directors of UAL agreed to sell the parent company of United Airlines to its employees for $4.5 billion, or $201 a share. They had little choice. Coniston Partners of New York, which owns 11.8% of the company, had threatened a proxy campaign at the shareholders' meeting on April 26, which would have replaced the directors with another board more amenable to a buyout...
...returns of about 30%. Says James George, manager of Oregon's $9 billion public-employee retirement fund, which has invested $640 million with KKR: "The secret of KKR's success is that it makes an awful lot of money for its partners." Agrees Gus Oliver, a general partner in Coniston Partners, another Manhattan investment firm that specializes in takeovers: "KKR's success reflects the compounding effect. Because of its track record, it can attract all the capital in the world. Because of its capital base, it can do any deal in the world...
...case comes more than one year after a highly-publicized and unsuccessful proxy fight mounted against Gillette by the Coniston Group, a New York-based firm. In last year's proxy contest, Gillette won by a 52 to 48 percent margin over Coniston, which had mounted a campaign to unseat four Gillettee board members in order to sell off the razor company to the highest bidder...
...company's chief executive officer,Mockler was on hand throughout the trial at theU.S. District Court in Boston, testifying on thefifth day of the trial--two weeks ago--that he wasadamantly opposed to selling the Gillette companythroughout the proxy fight with Coniston...