Word: forstmann
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Dates: during 1980-1989
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...cough syrup and Clearasil acne cream, agreed to sell out to Procter & Gamble for $1.24 billion and thus avoid a bid from Unilever. Revlon, which markets items ranging from Charlie perfume to Tums antacid tablets, eluded Pantry Pride by accepting a buy-out offer of about $1.7 billion from Forstmann Little. If the deals go through, Richardson-Vicks and Revlon will join General Foods (Jell-O, Maxwell House coffee) and Nabisco (Oreo cookies, Ritz crackers) on the list of consumer-goods titans being taken over this year...
...shareholders for $1 billion. Senior managers at Pittsburgh-based Ryan Homes are also trying to take their company private by paying shareholders for it. Last week they bid $176 million for the big homebuilder. Other companies have been acquired by one of a number of investment firms, including Forstmann Little and Kohlberg Kravis Roberts, that specialize in buyouts. Forstmann Little, for example, bought Dr Pepper for $640 million...
...offer comes along. Posner, an aggressive and frequently feared accumulator of big blocks of corporate stock, controls more than 26% of Royal Crown's shares. Separately, a Castle & Cooke-led group dropped its efforts to swallow Dr Pepper, another beverage company, which is planning to sell out to Forstmann Little & Co., a private investment firm. Dr Pepper picked Forstmann Little even though its $22-a-share bid was $2 less than the Castle & Cooke group offer. Said Joe Hughes, executive vice president of Dr Pepper: "The Castle & Cooke offer was turned down because it did not demonstrate firm financial...
...Anthony Forstmann, 46, and Joel Left, 48. The two partners in Manhattan- based Forstmann-Leff Associates are known in pension-fund circles as "the flashy ones." They wear designer suits, travel around the U.S. in Learjets and chauffeured Mercedes-Benz limousines and own Thoroughbred horses...
Some observers doubted, however, that Forstmann Little would have much impact on Dr Pepper. Says Hugh Zurkuhlen of Wall Street's Salomon Brothers: "It's unlikely that Forstmann Little is going to make a big national push with Dr Pepper." Brian Little said the beverage company's officers, including Chairman W.W. Clements, 69, will remain on the job following the acquisition. "We are owners only," Little noted. "We don't get involved in management...