Word: rjr
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Determined not to let the RJR Nabisco deal get away, Kravis demanded that Cohen come by KKR's Manhattan offices. Chewing out Cohen in front of Shearson aides, Kravis demanded a major role in the buyout, sputtering, "This is my franchise!" Cohen walked out, suggesting they talk again in a few days. But before that talk took place, Kravis delivered a thumping counterpunch: a $20.6 billion buyout bid for RJR Nabisco...
Arriving at RJR's Manhattan offices about 1:15 a.m., Roberts flinched at the sight of Cohen puffing away on his ever present cigar and asked sarcastically if RJR, which sells some 290 billion cigarettes a year, also made cigars. Roberts, who moved to a seat across the room, seriously misjudged his audience. The last thing the embattled RJR team wanted to hear at that hour was another antismoking crack, especially from a would-be ally...
...week's end KKR had the highest offer on the table, but the Shearson team was preparing a new bid. Ultimately, RJR Nabisco's board of directors, which includes such outsiders as Charles Hugel, president of Combustion Engineering and Martin Davis, chairman of Gulf & Western, will probably have the final say on who, if anyone, buys the company. Some Wall Streeters think the financing will prove so difficult that KKR and Shearson will have to work together. In a conciliatory move on Friday, KKR said it would not press for selling off the tobacco division...
...billion bid for RJR Nabisco, is any company safe from the buyout binge...
Leveraged buyouts come in many different varieties. In some cases, corporate raiders snap up a company with borrowed money, then throw out the management, dismember the firm and sell off the pieces. But in other deals, including the proposed buyout of RJR Nabisco, the managers initiate the action. In one of the least controversial types of management buyouts, the executives of a particular division buy it from a larger parent company. These managers are out to prove they can run their own show -- and run it better than some sprawling conglomerate that has grown inattentive or slothlike in responding...