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  • Click Icon To Add Picture: Barbarians at The Gates-The Fall of RJR Nabisco - Review

    Diunggah oleh

    Himanshu Chauhan
    90 tayangan12 halaman
    Bryan Burrough and John Helyar authored Barbarians at the Gates, a New York Times bestseller that recounts the 1988 leveraged buyout of RJR Nabisco. The book details the bidding war between F. Ross Johnson, president of RJR Nabisco, and Kohlberg Kravis Roberts for control of the company. After Johnson and KKR were unable to agree on terms, a heated bidding process ensued, with the winning $25 billion bid going to KKR. The takeover highlighted the risks of high leverage and personal interests influencing major business decisions.

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    Concise review of barbarians at the gate

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    Book Review

    Hak Cipta

    © Attribution Non-Commercial (BY-NC)

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    Bryan Burrough and John Helyar authored Barbarians at the Gates, a New York Times bestseller that recounts the 1988 leveraged buyout of RJR Nabisco. The book details the bidding war between F. Ross Johnson, president of RJR Nabisco, and Kohlberg Kravis Roberts for control of the company. After Johnson and KKR were unable to agree on terms, a heated bidding process ensued, with the winning $25 billion bid going to KKR. The takeover highlighted the risks of high leverage and personal interests influencing major business decisions.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PPTX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    90 tayangan12 halaman

    Click Icon To Add Picture: Barbarians at The Gates-The Fall of RJR Nabisco - Review

    Diunggah oleh

    Himanshu Chauhan
    Bryan Burrough and John Helyar authored Barbarians at the Gates, a New York Times bestseller that recounts the 1988 leveraged buyout of RJR Nabisco. The book details the bidding war between F. Ross Johnson, president of RJR Nabisco, and Kohlberg Kravis Roberts for control of the company. After Johnson and KKR were unable to agree on terms, a heated bidding process ensued, with the winning $25 billion bid going to KKR. The takeover highlighted the risks of high leverage and personal interests influencing major business decisions.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PPTX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 12

    Click icon to add picture

    Barbarians at the Gates-The Fall of RJR Nabisco Review

    Submitted By: Written By:


    Bryan Burrough & John Helyar

    Vipul Kabra(F-218) Himanshu Chauhan(F-28) Yagya Pipariya(F-219)

    A Brief about Authors


    Bryan

    Burrough

    American author and correspondent for Vanity Fair.

    A former Wall Street Journal reporter, he is a three-time winner of the Gerard Loeb Award for excellence in financial journalism.

    Contd.
    John

    Helyar

    columnist for Bloomberg News


    previously

    wrote for the Wall Street Journal, Fortune, and ESPN, and is the author of Lords of the Realm: The Real History of Baseball.

    Main Characters
    F.Ross

    Johnson RJR Nabisco

    Henry

    Krevis -- Kohlberg Kravis Roberts. Cohen -- Shearson Lehman Hutton. Forstmann -- Forstmann Little

    Peter

    Teddy

    Introduction
    New

    York Times Best Seller; a business classic of people interviewed involved in the buyout

    Thousands The

    story of the buyout of RJR Nabisco deal in US history in 1988

    Biggest

    Offers a lesson for today's corporate takeovers The bidding war for the control of RJR-Nabisco resulted in stock price souring from $40-45 to $108
    Augmented buyout price Worrying level ofdebtfor the company

    Side effect

    Story-Line (1/3)
    Company The

    President F. Ross Johnson decides to do a leveraged buyout or LBO of RJR Nabisco Stock price of RJR was strikingly low the offer ignited certain surprises:

    However,

    Why buyout and not a merger? RJR Nabisco was a conglomerate of diverse companies
    Kohlberg

    Kravis Roberts, (KKR) emerges as an alternative buyer (they were LBO Experts)

    Story-Line (2/3)

    After Kravis and Johnson are unable to reconcile their differences, a bidding war takes place which Johnson eventually loses Shearson and Salomon (firm handling the deal) tried their best but failed eventually to KKR Desperation for the deal was evident from the management contract they agreed to with Ross Johnson Apart from $2 Billion incentives, Ross was given complete veto power on the new entity

    Story-Line (3/3)
    Even

    though Shearsen group bid was a bit better than KKR, the special committee awarded the deal to KKR committee perceived Ross Johnson as a greedy man ready with personal motives

    The

    Reviews
    A superlative

    book...steadily builds suspense until the very end. (Los Angeles Times Book Review ) hard to imagine a better story...and its hard to imagine a better account (Chicago Tribune ) fascinating inside story of the largest corporate takeover in American history It reads like a novel. (Today Show )

    Its

    The

    Lessons Learned
    The No

    ultimate lesson is that greed is not good.

    place for greed & ego.

    Leverage

    buyouts can make a company more profitable if the buyer has experience in the industry that the company is being acquired. bidding process is very intense and emotions can take control over the sanity. invented the fly-on-the-wall reporting style applied to business books.

    The

    Virtually

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