Word: kohlberg
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...both the Mass. fund and the ITT Corporation, which are limited partners in the bid, have complained that Kohlberg, Kravis, the general partner in the arrangement, is following a hostile takeover strategy, since RJR Nabisco's board of directors has not consented to the plan...
...state fund has notified Kohlberg, Kravis that it wants to limit the use of its money not only because of allegations of a hostile takeover but also because RJR Nabisco is the fourth largest U.S. company doing business in South Africa, said Michael S. Lelyveld, press secretary for the Massachusetts Executive Office for Administration and Finance...
Walter M. Cabot '55, the director of the Harvard Management Corporation, which manages Harvard's $4 billion endowment, said limited partners have little say in these operations because they have limited liability. He said the general partner--in this case Kohlberg, Kravis--has full control over specific investment decisions. He said that limited partners need at least a two-thirds majority to vote that the general partner is not adhering to the original terms of the partnership...
...spokesperson for ITT said that the original terms of the Kohlberg, Kravis partnership prohibited hostile takeovers. James T. Gallagher, ITT vice president for public relations, said that Kohlberg, Kravis claims it told all limited partners it would perform hostile takeovers if the board of thetargeted company had already tried to buy out itsown shareholders...
...Nabisco made such a move when it offered$17 billion for full control of the company lessthan two weeks before Kohlberg, Kravis made itshigher takeover offer. Gallagher added that ITTprobably could not legally withdraw from the deal...