Word: kkr
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Dates: during 1990-1999
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...appetite for acquisitions made Kohlberg Kravis Roberts the top takeover firm of the 1980s, but the no-deal '90s seemed to have stymied the buyout behemoth. Last week, however, KKR showed that it remains a powerful takeover force. In a deal that would give KKR a substantial interest in magazines, the firm led a partnership that included several former officers of the Macmillan publishing and information-services company in a tentative agreement to pay more than $600 million for nine U.S. publications owned by debt-laden media magnate Rupert Murdoch. The KKR group would acquire such titles as Seventeen...
...book contends that KKR won, reaping $75 million in fees alone, partly because its opponents were bumbling latecomers to the world of leveraged buy- outs. Johnson's Wall Street advisers, who included the giant firms Shearson Lehman Hutton and Salomon Brothers, sometimes carried on like the Keystone Kops. At one point, lawyers carrying a Johnson offer became stuck in Manhattan traffic moments before the bid was due. In desperation, they leaped from their cab and raced the remaining two blocks on foot, arriving breathless and embarrassingly late. Said a disgusted RJR director: "This is the gang that couldn't shoot...
...bankruptcy blues had already struck another takeover team, go-getting Kohlberg Kravis Roberts. Hillsborough Holdings, a Tampa-based building- supplies company formed by KKR in 1988, filed for Chapter 11 protection last week. Although two smaller KKR companies, Seamen Furniture and SCI Television, are also in financial straits, Hillsborough's filing is the first for a large KKR unit. The holdings firm reported liabilities of $347.6 million against assets of $304.2 million...