Word: kkr
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...triumph came the same day that KKR's crown jewel, RJR Nabisco, reported its first quarterly profit since the grand acquisitor bought it for $25 billion in 1989. RJR eked out a $5 million gain for the first quarter of 1991, in contrast to a $222 million loss for the same period a year ago. The improvement reflected RJR's drive to reduce its towering interest expense...
...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...
...KKR conquered another new world last week when it helped finance a winning $625 million bid by Rhode Island's Fleet/Norstar Financial Group for the failed Bank of New England (1990 assets: $22 billion). In its first bank purchase, KKR put up $283 million for its share of the bid, which beat offers from such giants as the Bank of Boston and San Francisco-based BankAmerica...
...KKR may be less pleased when a long-awaited book by New York Times financial writer Sarah Bartlett hits stores later in May. Called The Money Machine and subtitled How KKR Manufactured Power and Profits, the work is said to be a scathing look at co-founder Henry Kravis and his notably secretive institution...
...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...