Word: huges
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Dates: during 1980-1989
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...buyouts worth $91 billion, in contrast to 105 deals worth $36 billion during the same period of 1987. These transactions are enriching shareholders and buyout specialists, but the takeovers could be causing grave damage to U.S. industry. Never before has debt been substituted for shareholders' equity on such a huge scale. No one knows how these highly leveraged companies will fare in the next recession...
...become one of the largest industrial holding companies in America. Though KKR readily sells off pieces of the firms it buys, it usually retains some core businesses. Of the 35 companies it has acquired, KKR still has control of 23. As a result, KKR has become a huge conglomerate. The companies it controls produce everything from French colonial furniture to dairy products. If KKR were classified as an industrial company, according to FORTUNE magazine, its estimated $38 billion in annual revenues would make it the seventh largest in the U.S., just behind General Electric...
Maybe, but the RJR Nabisco deal will put that assertion to a stern test. The struggle for the huge company began two weeks ago, when it was announced that a group of managers led by chief executive Ross Johnson, 56, was considering making a $17.6 billion buyout bid, to be put together by Shearson -- not KKR. The announcement came after Johnson delivered a startling message to the RJR Nabisco board of directors: "This company ought to be in play." News of the buyout proposal stunned Henry Kravis, who felt betrayed by Shearson's chairman, Peter Cohen. For one thing, Kravis...
...winner, intensely engrossed for so long in confrontational tactics to gain his prize, knows little else. Jimmy Carter, the avenging angel of the politics of "goodness," was so taken with his campaign achievement, narrow though it was, that he tried it with arms control, springing a plan for huge cuts on the Soviets. He offended the Kremlin with his arrogance and lost precious years in arms control. Had Reagan heeded Speaker Tip O'Neill's plea to meet him partway and moderate the deep tax cuts of 1981, the deficits and debt might not now threaten Reagan's place...
...biggest takeover tug- of- war in U. S. history pits Kohlberg, Kravis, Roberts against Shearson Lehman Hutton and intensifies concerns over the huge debts that corporations are piling up. While leveraged buyouts are windfalls for investors, financial experts wonder if they are making American companies less competitive...