Word: selling
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Dates: during 1980-1989
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According to tenants and Harvard officials, the University bought the building 10 years ago, then sold it to a company called the Neighborhood Realty Trust. The University then leased the building for 10 years, with an option to buy it back, return it to the owners or sell it at the end of that time...
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...
While the suitors struggled to come to terms, a sudden truce was called in another huge takeover fight when Kraft ('87 revenues: $10 billion) agreed to be acquired by Philip Morris ($28 billion). Hamish Maxwell, chairman of Philip Morris, said he will not have to sell off chunks of Kraft to finance the buyout. Said he: "For the vast majority of Kraft workers, this won't have any impact at all." The Philip Morris coup was an unusually smooth resolution. Another KKR fight fizzled last week when the Macmillan publishing firm accepted a $2.5 billion offer from British financier...
...company's profits and depressing its stock price. The slump finally forced the company's management last week to launch a major restructuring that involves paring down its overhead and revamping its marketing philosophy. In a bidding process that may take six months or more, Sears hopes to sell its tower for perhaps six times the $200 million it cost to complete in 1974. In addition, Sears will sell off the commercial-property division of its Coldwell Banker real estate firm for an estimated $500 million, and the health- insurance programs of its Allstate insurance company for $1 billion...
...Ever wondered what happened to the bee who used to sell tuna fish? Well, it bumbled over to RPI and became one of the stranger looking mascots in the league...