Word: rjr
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...crowning blow came in the fall of 1988, when Shearson lost the $25 billion buyout battle for RJR Nabisco, the largest takeover fight in history. Wall Street insiders contend that Cohen -- whose firm had advised F. Ross ( Johnson, then the head of RJR, in his original bid for the company -- stumbled badly by assuming that takeover specialist Henry Kravis would stay out of the running for RJR. Kravis surprised Cohen with a higher bid and eventually outmaneuvered the Shearson executive...
...thrived at the Oppenheimer investment firm from 1979 until 1985, when he provoked disbelief by pledging to put up $75 million of his own money to rescue a deal. He was fired and then joined Drexel, where he advised buyout king Henry Kravis in his $25 billion takeover of RJR-Nabisco. When Burrough confronted Beck about his tales, the Wall Streeter denied telling most of them. Now Beck has apparently gone AWOL. Drexel, which received his resignation in the mail three weeks ago, says it has been unable to get in touch with...
Biggest Letdowns. Kodak's disk cameras took fuzzy pictures. RJR's Premier, the so-called smokeless cigarette, tasted like burning plastic. New Coke wasn't the real thing. The Pontiac Fiero caught on fire, literally, then flamed out. Home banking via personal computer was for nerds. All-suite hotels went up, then stood vacant. And portfolio insurance may have helped cause the crash...
Least Timely Utterance. RJR Nabisco chief Ross Johnson, who was proposing a $25 billion buyout of the company, stood to make $100 million on the deal but failed to show much sympathy for the employees who might be transferred or laid off. They had, he said, "very portable types of professions." RJR's board decided Johnson did too. They fired him, after selling the company instead to leveraged-buyout specialists Kohlberg Kravis Roberts...
This February, RJR-Nabisco became a privatecompany after a multi-billion dollar takeover byKohlberg, Kravis, Roberts and Company (KKR), aWall Street leveraged buyout firm. Harvard, whichwas invested in KKR, now owns part of RJR throughits involvement in the buyout, but can no longervote on its policies...