Word: kkr
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...scale previously unimagined. On one side is the firm of Kohlberg, Kravis, Roberts, until now the undisputed master of the leveraged buyout. On the other is an alliance between a group of RJR Nabisco executives and Shearson Lehman Hutton, an old-line investment firm determined to break KKR's dominance of the hottest, most lucrative business on Wall Street. If either side pulls off the deal, the course of U.S. corporate history could be changed forever...
Under the guidance of Kravis and Roberts, KKR has become a Wall Street steamroller. Its biggest buyouts include the Beatrice food conglomerate for $6.2 billion and the Safeway grocery chain for $4.5 billion. But while KKR is well known as an investment adviser, few people realize that it has 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...
Shortly afterwards, the Green Berets of the financial world at Kohlberg, Kravis, Roberts (or KKR, as the company which introduced "leveraged buyouts" to the world is known) announced a $20 billion...
Harvard is a major player in the KKR bid, contributing a big chunk on the $2.3 billion downpayment for the takeover of RJR. But as a condition for investing in KKR last year, the University gave up virtually any say of what KKR will do with the money, which is in part our money...
SUCH ethical considerations, however, become somewhat of a mockery in the face of the KKR bid. The takeover of RJR means that the University will "make a killing" on the portion of the company it owns when KKR or RJR managers bid top dollar for its share. Essentially, the University hit the daily double--if KKR wins, the downpayment it makes for RJR will include several million Harvard dollars it invested in KKR last year. Harvard will eventually get a healthy return on that portion...