Word: walls
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Dates: during 1980-1989
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They need not have worried: the deals are back -- and bigger and bolder than ever. Last week top executives at RJR Nabisco stunned Wall Street by proposing what would be the biggest takeover in U.S. history: a $17.6 billion leveraged buyout by management of the tobacco and food conglomerate. (Among its top brands: Winston cigarettes, Oreo cookies, Ritz crackers and Life Savers candy.) The RJR executives, with the help of the Shearson Lehman Hutton investment firm, hope to borrow close to $16 billion to finance the deal. If the transaction is completed, it would eclipse Chevron's $13.3 billion acquisition...
...projected $25 billion debt burden. To pay off the IOUs, RJR Nabisco will probably sell some of its divisions. The proposed deal must still be approved by a group of the firm's directors, but even if the panel rejects the plan, RJR Nabisco is now "in play," as Wall Streeters put it. Translation: some takeover or restructuring will probably take place...
...giant is proposing to buy Kraft for $90 a share in cash, a 50% premium over the $60 price of Kraft stock before the offer. To get a friendly match and outbid other possible suitors, Philip Morris may have to raise its bid to more than $100, according to Wall Street analysts. Says Hamish Maxwell, the Philip Morris chairman: "We're prepared to negotiate this deal...
...mount their attacks. Kohlberg, Kravis, Roberts, an investment firm with $5.6 billion for use in takeovers, is a leader in the field. Since the takeover funds can borrow against their capital, they have the potential to raise as much as $300 billion. In a practice known as merchant banking, Wall Street firms, including KKR, Shearson Lehman Hutton and Morgan Stanley, are buying stakes for themselves in the companies they help investors take over...
...been a consistent and vociferous critic of the Reagan Administration's economic policies. In 1982, while chairman of the investment banking firm Lehman Bros. Kuhn Loeb, he co-founded a bipartisan group that warned of the mounting U.S. budget deficit. Still one of the most powerful men on Wall Street, Peterson now heads the Blackstone Group, a smaller investment house specializing in corporate takeovers and leveraged buyouts. His new book, On Borrowed Time: How the Growth in Entitlement Spending Threatens America's Future, written with Neil Howe, continues his assault on the economic policies of his own party. senior editor...