Word: nabisco
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Dates: during 1990-1999
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...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...
Quite a few of these jeremiads are headed for the screen. Producer Ray Stark (Steel Magnolias, Annie) last week acquired film rights to Barbarians at the Gate, a best-selling account of the $25 billion takeover of RJR Nabisco, the largest buyout ever. Warner Bros. has paid a sum estimated to be in the high six figures for the privilege of filming Liar's Poker, an I-lived-with- savages expose of the Wall Street firm Salomon Brothers. And the cameras are ready to roll on the movie version of Tom Wolfe's blockbuster novel, The Bonfire of the Vanities...
From Hollywood to local bookstores, Wall Street bashing is big business. In Barbarians at the Gate (Harper & Row; 528 pages; $22.95), authors Bryan Burrough of the Wall Street Journal and former Journal reporter John Helyar depict the RJR Nabisco fight as a mud-wrestling match in which all the participants come out grimy. Ross Johnson, the RJR Nabisco chief executive who launched the bidding for his own company and stood to make more than $100 million if he prevailed, is described as "a man who devoted his life to shaking things up" and an executive "loyal to little...
...involvement with outside LBOs and venture capital firms has also come into question, particularly after one of the partnerships--Wall Street-based Kohlberg, Kravis, Roberts and Company--took over tobacco and consumer goods producer RJR-Nabisco at a time when the University was questioning its public investments in the company...
...securities have been hit harder than junk bonds. The $200 billion market fell 7% in value during the last quarter of 1989. It suffered another blow last week when the credit-rating agency Moody's suddenly downgraded some debt issued by RJR Nabisco, which went private in a $25 billion buyout last year. The RJR securities had been viewed as among the most solid junk bonds. But investors were quick to flee; in two days, many RJR bonds lost $200 for each $1,000 of face value...