Word: rjr
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Dates: during 1980-1989
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Voters who approved a rollback in auto premiums may inspire a wider revolt. -- Why Ross Johnson' s overreaching grab for RJR Nabisco infuriates his board of directors...
When Ross Johnson, president of RJR Nabisco, proposed last month that the tobacco-and-food conglomerate he had helped assemble only three years earlier be "put into play" and broken up, he had reason to believe that the company's board of directors would support him. After all, he had treated the outside directors on RJR's board well, paying them lavish fees and providing access to the company's corporate jets. Moreover, his offer was the largest leveraged-buyout bid in history and would give RJR's stockholders a rich, immediate payout...
Whichever bid ultimately succeeds, the RJR Nabisco buyout may be too big for one team to handle. Hoping to join forces, KKR and the company's managers met around the clock in Manhattan. A major dispute was resolved when RJR Nabisco chief executive Ross Johnson agreed to share control of the company with...
Talks then stalled over KKR's insistence that Drexel Burnham Lambert manage the buyout's junk-bond financing. KKR contends that only Drexel has the savvy to sell the record $5 billion in high-yield bonds that is needed. But RJR Nabisco's managers are concerned that the buyout could be jeopardized if Drexel and Michael Milken, its junk-bond wizard, are indicted for securities fraud, which is expected to occur soon...
Stempel, the leading candidate to succeed chairman Roger Smith, could be the man to engineer a turnaround at the lagging automaker. He has already given dealers and employees a much needed morale boost. -- Investors worry about debt as the bidding for RJR- Nabisco intensifies...