Word: rjr
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Leveraged buyouts are an increasingly popular, though controversial, method of taking over companies. The deals--which included the recent, largest-ever takeover of RJR-Nabisco by a limited partnership in which Harvard invested--buy out stockholders in a company using borrowed funds worth up to 80 percent of the buyout price. Only about 20 percent of the investment generally comes in the form of cash up front, which means the company ends up assuming a large debt once the sale is completed...
...LBOs have been lucrative for Harvard, Sperling says. For example, Harvard's investment in the Kohlberg, Kravis, Roberts and Company (KKR) limited partnership that recently took over RJR-Nabisco "has generated significant returns for Harvard's account...
Proxy votes for RJR-Nabisco and Philip Morris Companies, Inc., another tobacco manufacturer in which Harvard owns stock, are scheduled to take place this spring, Gray said. According to Harvard's finance report for last year, the University held more than $27 million in Philip Morris stock. At that time, Philip Morris was Harvard's third-largest public stock investment...
...debates about proxy votes may be meaningless in the long run. Gray said this week that she thinks the RJR-Nabisco vote might be cancelled, while Peterson said he assumes "if there's any final vote, it's to approve the buyout...
...future, member of Harvard's advisory committee on investments and Professor of Radiobiology John B. Little said, "I'm not sure how we can now respond to [to RJR's policies...