Word: kohlberg
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Although Investcorp calls itself a merchant bank, it is more like a leveraged buyout firm, the Arab world's answer to Kohlberg Kravis Roberts. Kirdar rounds up brand-name companies and repackages them for sale to deep-pocket clients in the Persian Gulf. At the right moment, Investcorp and its partners "cash out" by selling off acquisitions at a profit--through a private sale or a public stock offering. Investcorp certainly spends money like a billionaires' bank. An eight-story headquarters in Bahrain (Investcorp House) is complemented not only by the premises on New York's Park Avenue but also...
...billionaire investor Kirk Kerkorian are attempting to buy the No. 3 automaker for $22.8 billion. Their lavish, unsolicited $55 per share proposal -- more than 40 percent above yesterday's closing stock price -- would be the biggest U.S. corporate takeover since the $25 billion buyout of RJR Nabisco by Kohlberg Kravis Roberts in 1988. Today's surprise announcement boosted Chrysler stock and prompted Chairman Robert Eaton to scrap a scheduled New York auto show speech.TIME Detroit bureau chief William McWhirtersays Chrysler is well positioned to fight a takeover because of its profitability, as well as Eaton's financial acumen. Nevertheless, McWhirter...
...high profile banker Ted Forstmann. Included in the deal is the giant publishing arm of Ziff Communications, which includes other magazines like MacWeek and Family PC, as well as Ziffnet, an on-line service. It's a move by Forstmann, a shrewd dealmaker, to keep pace with rival Kohlberg Kravis Roberts, which controls New York magazine and other media properties, says TIME associate editor Thomas McCarroll. "They have had this rivalry for a long time," says McCarroll. Expect Forstmann to squeeze margins and "in three to four years, sell it," McCarroll says. One of the implications of this buyout: According...
...Kohlberg, Kravis, Roberts & Co. agreed to acquire financially troubled Borden Inc. K.K.R. will swap $2 billion of its holdings in R.J.R. Nabisco in exchange for all of Borden's outstanding stock. In a second part of the transaction, R.J.R. will issue additional new shares worth $500 million to Borden in exchange for a 20% stake in the company. The arrangement, which is still pending final agreement, would dilute K.K.R.'s holdings of R.J.R. Nabisco, the % company it bought for $25 billion in 1989 in the most expensive takeover in history, from...
...helped that HBO had a very good book (the 1990 best seller Barbarians at the Gate, by Wall Street Journal reporters Bryan Burrough and John Helyar) and a very big leveraged buyout (Kohlberg Kravis Roberts' epic $25 billion takeover of RJR Nabisco in 1988) to work with. And the $7 million HBO earmarked for the project probably came in handy too. The film remains reasonably faithful to the spirit of the book, while vastly simplifying the plot. Whereas Burrough and Helyar recount a story that involves dozens of rapacious financiers, greedy executives, odious publicists, duplicitous bankers and devious attorneys...