December 8, 1988 |
Donald P. Kelly, former chairman of Beatrice Co. and a near-legendary deal maker, has formed a new limited partnership designed to acquire businesses that can be bought for as much as $1 billion. The investment firm Salomon Inc. will be a permanent partner to D. P. Kelly & Associates, arranging financing and finding investors for Kelly's new pursuits, Kelly said Tuesday. "We provide the managerial skills," Kelly said. "We don't have to worry about where we're going to get the equity.
March 13, 1986
The food and consumer products company's new management would sell $1.45 billion in assets during Beatrice Cos.' first 18 months as a private entity, according to a statement filed with the SEC. Last month, Beatrice directors approved a $6.4-billion leveraged buy-out by the New York investment banking firm of Kohlberg Kravis Roberts & Co. and former Esmark Chairman Donald P. Kelly.
November 8, 1985
A group of Avis Inc. licensees and Wesray Corp., a private investment firm, are considering a joint bid to acquire Avis from Beatrice Cos., Wesray said. Beatrice, the Chicago-based conglomerate, put the rental car subsidiary and three smaller units on the block last month. The proceeds were to help pare Beatrice's heavy debt load following its $2.7-billion acquisition last year of Esmark Inc., a transaction that included Avis.
October 2, 1985 |
Beatrice Cos. said Tuesday that it is selling four businesses, including its Avis rental car and Danskin bodywear units, as part of an ongoing restructuring designed to turn the Chicago-based company into "the premier worldwide marketer of food and consumer products." William W. Granger Jr., Beatrice chairman and chief executive, said in a statement that a "thorough review" of Beatrice's businesses led the company to determine that "shareholder value will be enhanced most" by selling Avis Inc.
October 17, 1985 |
Beatrice Cos. on Wednesday became the latest food company on Wall Street to be the target of a takeover attempt when the New York investment firm of Kohlberg, Kravis, Roberts disclosed plans to offer $45 a share, or a total of $4.9 billion, to acquire the Chicago-based company. Kohlberg, Kravis, which specializes in leveraged buy-outs, said it would make a written buy-out proposal of $45 a share in cash and securities.
May 18, 1996 |
Hunt-Wesson Inc. said Friday that it will close its historic Hunt Foods tomato processing plant in Fullerton, one of Southern California's largest remaining food canneries, laying off 325 full-time workers and eliminating 450 seasonal canning jobs. The 62-year-old Fullerton plant was the late billionaire Norton Simon's first food-processing business, which he grew into the multibillion-dollar Hunt-Wesson powerhouse.
November 15, 1985 |
Beatrice Cos. agreed on Thursday to be acquired by the investment firm of Kohlberg Kravis Roberts & Co. in a deal valued at $6 billion--the largest leveraged buy-out in history. The Chicago-based food and consumer products company entered a definitive agreement after New York-based KKR sweetened its offer, raising it to $50 a share--$43 in cash and $7 in preferred stock--from its previous offer of $47 a share in cash and securities.
April 11, 1985 |
Northwest Industries agreed Wednesday to merge with a division of a privately held Chicago-based corporation in a $1.4-billion transaction that will see Northwest's Lone Star Steel subsidiary spun off into a separate, publicly held corporation. Northwest said the merger would follow a tender offer to be made by Farley Metals, a division of Farley Industries, which is a privately held metals- and industrial-equipment manufacturer. Farley has agreed to pay $50 a share for up to 15.
August 6, 1985 |
After a year of retirement, 66-year-old William W. Granger Jr. was back at work Monday as the newly named chairman and chief executive of Beatrice Cos., meeting with company employees and attempting to smooth the internal squabbles that led to the surprise ouster Saturday of the controversial James L. Dutt.
October 3, 1985 |
Unilever on Wednesday officially ended its effort to take over Richardson-Vicks, expressing disappointment but saying that Procter & Gamble's offer of $69 a share, or $1.2 billion, is too high a price. Unilever, the giant Anglo-Dutch company that managed to accumulate only 100,000 shares--barely half a percent--of Richardson-Vicks' stock during a monthlong attempt at a hostile takeover, also said it has ended a lawsuit against Richardson-Vicks' defenses.