Word: johnson
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Dates: during 1980-1989
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...exclusive interview with chief executive officer of RJR Nabisco, Ross Johnson, accompanies the main story. Senior correspondent Frederick Ungeheuer and his wife were about to sit down to Thanksgiving dinner with 20 friends in Roxbury, Conn., when he received word that Johnson, who has refused all public comment since launching his takeover bid in mid-October, was ready to talk. Ungeheuer left immediately for Jupiter, Fla., where Johnson was spending a holiday away from the fray, for a one-hour talk about the megadeal. Ungeheuer has met other big dealmakers in his 25 years of covering business for TIME...
...ROSS JOHNSON. A native of Canada, the RJR Nabisco president, 56, has always risen to the top. In 1985, as head of Nabisco Brands, he advocated the merger between that company and RJR Reynolds. Just three years later, as head of RJR, Johnson apparently changed his mind. In October he and a group of top managers offered shareholders $17.6 billion to take the company private, a price they later increased to $22.7 billion...
HENRY KRAVIS. With his reputation as the No. 1 leveraged-buyout specialist on the line, he was not about to let RJR Nabisco go private unless he consummated the deal. A founding partner in the buyout firm of Kohlberg Kravis Roberts, the Manhattan socialite, 44, countered Johnson's proposal by offering to pay as much as $21.6 billion for the Atlanta-based company. As RJR's new owner, Kravis, whose firm also controls Beatrice and Safeway Stores, would probably keep the food divisions and sell the tobacco business...
...PRITZKER. The publicity-shy chairman of the Hyatt Corp., Pritzker, 66, with his brother Robert, 62, surprised both Kravis and Johnson by joining the First Boston investment firm in an informal last-minute bid for RJR Nabisco valued at as much as $27 billion. Allied with the Pritzkers is Philip Anschutz of Denver, a billionaire oil and mining magnate. They have since combined forces with an acknowledged master of the hostile game, HARRY GRAY, 69, the taciturn former chairman of United Technologies, who heads his own investment firm. The First Boston group is offering a highly complex package of cash...
...size of the deal and the fortunes to be made appear to exceed any foreseeable benefits to U. S. industry. Seldom has corporate behavior seemed so questionable. -- An interview with RJR President Ross Johnson, who started the scramble. See BUSINESS...