Word: rjr
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...television systems, in a stock transaction valued at $21.4 billion. (Bell Atlantic said the figure included $11.8 billion of stock that it plans to issue and the assumption of $9.6 million of TCI debt.) That would make the deal second in size only to the $25 billion purchase of RJR Nabisco by buyout barons Kohlberg Kravis Roberts in 1988. The new giant would boast 28 million cable and phone customers across the U.S. and combined revenues of more than $16 billion, making it by far the largest of the seven Baby Bell companies that were spun off from...
...been a busy few weeks for Carl Icahn, the billionaire financier who gained fame--some would say notoriety--in the 1980s by taking over TWA and agitating for change at the likes of Texaco and RJR Nabisco. While juggling his bids to get on the board of mobile-phone manufacturer Motorola and to buy car-parts maker Lear, Icahn, 71, took a break to talk with TIME's Barbara Kiviat about imperial CEOs, movies by mail and the one thing no one ever gets about...
...what he made for the shareholders. In a disastrous year, there were, as the annual reports say, a number of factors. If top executives mess up so badly that they have to be canned, they get paid for that too. (F. Ross Johnson, who botched the leveraged buyout of RJR-Nabisco badly enough to lose the entire company, was handed $53 million on his way out the door.) Top executives of major corporations are the only Americans who do business in a totally risk-free environment...
Icahn, 69, hasn't mellowed a bit since his corporate-raider days in the 1980s, when he made millions of dollars buying stock and forcing asset sales, stock buybacks and special dividends by the likes of Texaco and Phillips Petroleum. In the '90s, with notable exceptions like RJR Nabisco (in which he bought a stake and pushed the company to break up), he operated more quietly, in beaten-down areas of the bond market. But now he's back on the big stage rattling major corporations--and loving...
Walter M. Cabot ’55, Meyer’s predecessor at HMC and its founder, had taken on increasing criticism in the late 1980s for declining investment returns and controversial positions in RJR Nabisco and Lomas Financial Co., among others...