Word: forstmann
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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...
...been fighting off the advances of Pantry Pride, a Fort Lauderdale-based retail chain whose stores are mostly in the Southeast. Pantry Pride initially offered $47.50 a share and eventually $53, but Revlon Chairman Michel Bergerac landed a $56-a-share bid, for a total of $1.7 billion, from Forstmann Little, a New York investment firm...
That complex merger calls for Forstmann to sell Revlon's beauty-products business to Adler & Shaykin, another New York investment firm, for about $900 million. Forstmann will spin off several other Revlon units to New York-based American Home Products for an estimated $350 million. The transactions will leave Forstmann with the rest of Revlon's health-care business, including prescription drugs and contact lenses...
...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...