Word: forstmann
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Ziff-Davis Publishing Company, publisher of PC Magazine -- fave of DOS dweebs -- was bought for $1.4 billion by Forstmann Little & Co, a New York investment firm run by high profile banker Ted Forstmann. Included in the deal is the giant publishing arm of Ziff Communications, which includes other magazines like MacWeek and Family PC, as well as Ziffnet, an on-line service. It's a move by Forstmann, a shrewd dealmaker, to keep pace with rival Kohlberg Kravis Roberts, which controls New York magazine and other media properties, says TIME associate editor Thomas McCarroll. "They have had this rivalry...
Jack Kemp, George Bush's disgruntled Secretary of Housing and Urban Development, is one name being pushed hard in Perot circles. New York leveraged-buyout specialist Theodore Forstmann, a Kemp presidential fund raiser in 1988, is trying to broker a marriage between Kemp and Perot. Some of Kemp's political advisers argue that running with Perot represents Kemp's best chance to be elected President himself in 1996. Others counsel caution -- Kemp's favored political style -- contending that bolting the g.o.p. would permanently brand the supply-side conservative a pariah. Kemp's probable reluctance illustrates Perot's quandary in finding...
...committee of the company's directors responded to Johnson's proposal on Nov. 7 by opening the bidding for RJR to all comers, setting last Friday as the deadline. Two days before the auction closed, one potential bidder, the Manhattan investment firm Forstmann Little, scrapped its planned offer. Forstmann's departure left two contenders: the RJR management group, which had upped its offer to $21 billion ($92 a share), and the investment firm Kohlberg Kravis Roberts, with its bid of $20.6 billion ($90). RJR's board could take as long as several weeks to study all new offers, including revised...
...Wall Street's Shearson Lehman Hutton and Salomon Brothers, raised their bid from $17.6 billion to $21 billion, topping the rival offer of $20.6 billion from Kohlberg Kravis Roberts, the high-flying leveraged-buyout firm. Now the two sides may be getting new competition. At week's end Forstmann Little, a Manhattan investment firm, said it might make an even higher bid for RJR Nabisco, backed by Procter & Gamble and other large corporate investors...
Last week, in a corporate-style engagement, Coca-Cola agreed to buy Dr Pepper (1985 profits: $60.6 million) from Forstmann Little, a New York-based investment banking firm, for $470 million. The deal is a retaliatory salvo in an ongoing soft- drink war. Only five weeks ago, PepsiCo announced that it was buying Seven-Up for $380 million. That takeover will give Pepsi about 34% of the $30 billion soft-drink market. By acquiring Dr Pepper, Coke will increase its industry-leading share...