Word: kkr
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Dates: during 1980-1989
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...University has invested $20 to $40 million as one of 70 participants in a limited partnership managed by the Wall Street firm Kohlberg, Kravis, Roberts, and Co. (KKR), which will make the down payment for the buyout. It is not clear how much Harvard money will actually help finance the takeover...
...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 versions and ^ possibly even a joint bid by KKR and Johnson's group, before recommending one to the company's stockholders. In the end, it may not accept any of them...
Whichever bid ultimately succeeds, the RJR Nabisco buyout may be too big for one team to handle. Hoping to join forces, KKR and the company's managers met around the clock in Manhattan. A major dispute was resolved when RJR Nabisco chief executive Ross Johnson agreed to share control of the company with KKR...
Talks then stalled over KKR's insistence that Drexel Burnham Lambert manage the buyout's junk-bond financing. KKR contends that only Drexel has the savvy to sell the record $5 billion in high-yield bonds that is needed. But RJR Nabisco's managers are concerned that the buyout could be jeopardized if Drexel and Michael Milken, its junk-bond wizard, are indicted for securities fraud, which is expected to occur soon...
...billion). Hamish Maxwell, chairman of Philip Morris, said he will not have to sell off chunks of Kraft to finance the buyout. Said he: "For the vast majority of Kraft workers, this won't have any impact at all." The Philip Morris coup was an unusually smooth resolution. Another KKR fight fizzled last week when the Macmillan publishing firm accepted a $2.5 billion offer from British financier and press lord Robert Maxwell. In Georgia, Joseph Lanier, chairman of West Point Pepperell, which makes Arrow shirts and Martex towels, was determined to beat back a bid for his company from Chicago...