Word: lbo
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Dates: during 1980-1989
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...Boone Pickens or a Carl Icahn. Case in point: Kohlberg Kravis Roberts, a clannish, almost obsessively reclusive investment-banking firm that often determines the fate of giant corporations. Kohlberg Kravis is Wall Street's master of a generally friendly form of takeover, the leveraged buyout. In an LBO, a small group of investors buys a company's stock with mostly borrowed money and takes the corporation private. Last week Kohlberg Kravis and a group of outside investors announced that they would do an LBO of the largest U.S. supermarket chain, Safeway Stores, for about $4.3 billion in cash and securities...
...scale of the Kohlberg Kravis buyouts is pushing the reticent company into the spotlight and raising skepticism about the ambitious reach of its deals. In April the firm wrapped up the largest LBO in history, the $6.2 billion purchase of Beatrice, the food and consumer-products conglomerate...