Word: kohlberg
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Such mergers are red meat to Wall Street, even if the fees they generate cannot match the profits from takeover wars. Investment bankers, lawyers and accountants raked in a staggering $1 billion for plotting strategy and raising the cash that enabled the buyout firm Kohlberg Kravitz Roberts to acquire RJR Nabisco for $25 billion in 1989. But the new deals are smaller and generally arranged by executives of the merger partners, so advisers play a smaller role and receive a correspondingly thinner slice of the overall purchase price...
...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...
...smart shopper. After buying Banquet Foods for the bargain price of $50 million in 1980, Harper revived the frozen-dinner company by adding 90 new selections. In the Beatrice deal, Harper reportedly picked up the company for less than half the price initially sought by financiers Kohlberg Kravis Roberts. Harper's management philosophy is to allow each ConAgra unit a high degree of autonomy. "We have more presidents than banks have vice presidents," he says. ConAgra's low-key style has paid off handsomely for shareholders. After ten years of record earnings, ConAgra stock that cost...
...addition, Harvard is a member of a limited partnership managed by the Wall Street firm of Kohlberg, Kravis and Roberts which in 1988 staged a $24.3 billion buyout of RJR-Nabisco, a major tobacco firm...
...investors are watching carefully for signs of weakness in the ultimate deal: the 1988 buyout of RJR Nabisco, which Kohlberg Kravis Roberts, headed by Henry Kravis, acquired for $25 billion. The battle for RJR combined all the excesses of the era, pitting Milken and Kravis against Cohen and F. Ross Johnson, the RJR chairman who stood to make more than $100 million by winning the fight. The victorious Kravis walked off with $75 million in fees alone as part of his prize...