Word: kohlberg
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Dates: during 1980-1989
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...last Friday as the deadline. Two days before the auction closed, one potential bidder, the Manhattan investment firm Forstmann Little, scrapped its planned offer. Forstmann's departure left two contenders: the RJR management group, which had 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...
...Nabisco (1987 revenues: $16 billion), whose price tag set a record with each new offer. Top RJR Nabisco executives, backed by Wall Street's Shearson Lehman Hutton and Salomon Brothers, raised their bid from $17.6 billion to $21 billion, topping the rival offer of $20.6 billion from Kohlberg Kravis Roberts, the high-flying leveraged-buyout firm. Now the two sides may be getting new competition. At week's end Forstmann Little, a Manhattan investment firm, said it might make an even higher bid for RJR Nabisco, backed by Procter & Gamble and other large corporate investors...
...have raged on and off for decades, but corporate America has never seen anything quite like the battle for RJR Nabisco. The combatants are brandishing tens of billions of dollars and mobilizing squadrons of bankers and lawyers on a 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...
...biggest takeover tug- of- war in U. S. history pits Kohlberg, Kravis, Roberts against Shearson Lehman Hutton and intensifies concerns over the huge debts that corporations are piling up. While leveraged buyouts are windfalls for investors, financial experts wonder if they are making American companies less competitive...
...Kohlberg, Kravis officials could not be reachedfor comment yesterday...