Word: kkr
(lookup in dictionary)
(lookup stats)
Dates: during 1988-1988
Sort By: most recent first
(reverse)
...course, the stockholders, especially large ones, don't do badly either. Harvard, for instance, will not only see an approximately 40 percent return on the $20-40 million it invested in KKR's takeover fund, but being in the interesting position of helping raid a company they own stock in, they will get huge returns from those holdings when the new owners sell off parts. The closing of the takeover deal earlier this month meant that RJR stock was worth $109 per share--quite a bit more than than the $56 per share it was worth on the market before...
Harvard contended that it did not have any control over the decision of KKR to take over RJR and claimed that it could not back out of the deal. The Commonwealth of Massachussetts pension fund, which had also originally committed funds to KKR's limited partnership, pulled out because it did not approve of the hostile takeover process or RJR's connections to South Africa. Harvard's administrators, however, saw nothing wrong with donating University resources to this scheme...
...gave Johnson and his small coterie of advisers 15 minutes to sweeten the latest offer. At about 1:15 p.m. on Nov. 30, Johnson, chain smoking, submitted a bid of $112 a share and then settled into a tiny % office to await the verdict. The directors still favored Kravis. "KKR was going to have to sell fewer businesses," a source close to the board said, "and there was more protection for RJR employees under the KKR offer." Moreover, the informant added, while the Johnson group said it would reduce its initial stake in RJR after the takeover from...
Board advisers then asked KKR to make a final offer. The intense Kravis agreed, submitting a document offering some $25 billion for the company, but warned, "If we don't get it back in 30 minutes, we are going away." Thirty- four minutes later, at about 8 p.m., board representatives ushered Kravis into a conference room where investment banker Felix Rohatyn, a board adviser, handed him the signed merger agreement...
...KKR outfoxes Ross Johnson in history' s biggest takeover tussle. The company will now have to dig out from a colossal load of debt. -- Interest rates hit the highest level in years...