Word: rjr
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Dates: during 1980-1989
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...anatomy of the recent leveraged buyout of RJR Nabisco by the firm of Kohlberg, Kravis, Roberts--helped out by some $20-40 million from Harvard's endowment--sounds great on paper and is worth as much. Leveraged buyouts, in which huge companies are bought and sold and divided and merged solely for the purpose of raising the stock values, are running wild in America...
Johnson could afford to be philosophical: he can now pull the rip cord on a "golden parachute" worth at least $30 million. Besides a lucrative severance package, Johnson will reap large profits from the sale of his more than 235,500 shares of RJR stock...
Kravis, meanwhile, could afford to be generous in victory. Though he may have to spin off some $6 billion worth of RJR food brands to reduce the leveraged company's swollen debt, he talked of shifting RJR headquarters from Atlanta, where Johnson moved it last year, back to its traditional home in Winston-Salem, N.C. Kravis said he will install retired RJR chairman J. Paul Sticht, 71, in the top job again for several months to smooth the transition...
...week's end Johnson and Kravis sent a letter to RJR Nabisco's 125,000 employees to announce the end of their struggle. "It is now most important," the letter stated, "that we return immediately and actively to running our business." For Johnson, that business will probably mean finding another...
BUSINESS: The buyout barons win RJR Nabisco...