Word: deale
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Dates: during 1980-1989
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...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 not appear to favor management in a buyout." Members of the losing side felt that the board had in fact discriminated against them...
...Johnson, who had become a symbol of executive greed after first proposing to buy out RJR (1987 sales: $15.8 billion) for $75 a share. Company directors were outraged when they read accounts, leaked by insiders, of how much Johnson and his seven colleagues planned to rake in from the deal: as much as $2.6 billion. Though Johnson later insisted he had planned to share the potential gains with 15,000 RJR employees, the battle lines were clearly drawn -- not just between Johnson and KKR but between Johnson and his board of directors...
Persuaded that KKR was the winner, directors summoned Kravis to a conference room at about 9 p.m. to complete the deal. The real brawl, however, was just beginning. "This game is not played by Marquis of Queensberry rules," said a Johnson adviser. "There really are no rules for this kind of auction...
HERE'S a prediction: the first legislative defeat that the new Congress will deal to President-elect George Bush will be an increase in the national minimum wage. Ronald Reagan successfully fought attempts to raise the wage floor, which has languished at $3.35 per hour since 1981, but Bush will not be able to resist the tide...
...counting on the imminent execution of his rival, Ko-Ko, thus facilitating his elopement with the delectable Yum-Yum (Amy Daley). To his chagrin, Ko-Ko is executioner rather than executed, and is about to marry Yum-Yum that very afternoon. Happily, Nanki-Poo is able to strike a deal with the Executioner. The Mikado's demand for an execution has imperiled Ko-Ko's life (he being the only person on death row at the time), so Nanki-Poo bargains to be executed in a month in Ko-Ko's place in exchange for Yum-Yum's hand. This...