Barbarians at the Gate by Bryan Burrough

Author:Bryan Burrough
Language: eng
Format: epub
ISBN: 9780061804038
Publisher: HarperCollins

Jim Robinson silently cursed cellular phones.

After Robinson had emerged from a meeting of the New York City Partnership, a group of top corporate executives working to improve conditions in Gotham, he was surprised to find inside his limousine a phone message from Henry Kravis.

As his car pulled away from the curb, the only thing worse than the late afternoon traffic was the reception on Robinson’s portable phone. When Kravis came on the line, the transmission came in fits and starts. But his message was crystal clear.

I want to make you an offer, Kravis said.

The proposal: Kohlberg Kravis would acquire RJR Nabisco. In return, Shearson would receive a one-time fee of $125 million from Kohlberg Kravis and an option to buy a 10 percent stake in the company. Kravis said he’d like an answer by midnight.

Jim Robinson wasn’t the type of man to get excited at the sight of another man’s wallet. “Henry, that sounds a little thin,” Robinson said, but promised to get back to him.

Minutes later, Cohen emerged from the Shearson board meeting to hear the same offer. Cohen said little, but from the tone of his voice Kravis knew he wasn’t being greeted with open arms.

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