Word: johnson
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Dates: during 1980-1989
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...Steve Johnson (Penn...
...Mark Johnson (Dartmouth...
...Solomon Johnson, RB, Columbia...
...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...
...strategy of the RJR board seems designed to thwart Johnson's effort, in part because it would give him and his team too large a share of the goodies. While precise details of the Johnson group's stake have not been announced, several insiders have leaked the terms. Under Johnson's proposal, 90% of the company's equity, roughly $18 billion, would be swapped for debt. He and his group would control about 8.5% of the remaining equity, which would be sold to them for just $20 million but would immediately be worth about $200 million. The management group...