Word: rjr
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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...
...fresh burst of takeover cross fire rattled through corporate boardrooms last week as acquirers battled for control of companies that make everything from bath towels (West Point Pepperell) to cake mixes (Pillsbury). Costliest of all was the struggle for RJR Nabisco (1987 revenues: $16 billion), whose price tag set a record with each new offer. Top RJR Nabisco executives, backed by Wall Street's Shearson Lehman Hutton and Salomon Brothers, raised their bid from $17.6 billion to $21 billion, topping the rival offer of $20.6 billion from Kohlberg Kravis Roberts, the high-flying leveraged-buyout firm. Now the two sides...
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...