Word: rjr
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...story appearing in Tuesday's Crimson incorrectly stated the position of the Advisory Committee on Shareholder Responsibilty (ACSR) on University holdings in tobacco companies, including RJR-Nabisco. The ACSR requested that the Corporation write letters to RJR-Nabisco and Philip Morris asking the companies to explain their marketing techniques in developing nations. The Corporation sent these letters in August. The ACSR will make no further recommendation until Harvard receives replies to these requests...
...Commonwealth of Massachusetts Pension Fund said yesterday it does not want its shares in an investment partnership, of which Harvard is a member, used in the hostile takeover of RJR Nabisco...
...both the Mass. fund and the ITT Corporation, which are limited partners in the bid, have complained that Kohlberg, Kravis, the general partner in the arrangement, is following a hostile takeover strategy, since RJR Nabisco's board of directors has not consented to the plan...
Harvard, however, has not expressed any concern about the takeover, though the Corporation, which owns the University, wrote letters to RJR Nabisco over the summer questioning the company's "heavy-handed" smoking promotion tactics in developing nations...
SUCH ethical considerations, however, become somewhat of a mockery in the face of the KKR bid. The takeover of RJR means that the University will "make a killing" on the portion of the company it owns when KKR or RJR managers bid top dollar for its share. Essentially, the University hit the daily double--if KKR wins, the downpayment it makes for RJR will include several million Harvard dollars it invested in KKR last year. Harvard will eventually get a healthy return on that portion...