Footnotes 1 . For supporting evidence, see Sanjai Bhagat, Andre Shleifer, and Robert W. Vishny, “Hostile Takeovers in the 1980s: The Return to Corporate Specialization,” Brookings Papers: Microeconomics 1990 , pp. 1–84; Steven N. Kaplan , “ The Effects of Management Buyouts on Operating Performance and Value ,” Journal of Financial Economics , Vol. 24 , No. 2 ( 1989 October ), pp. 217 – 254 ; and Robert Comment and Gregg Jarrell, “Corporate Focus and Stock Returns,” (Bradley Policy Research Center, Working Paper MR 91‐01, May 1991). 2 . The equity gains are based on RJR‐Nabisco's July 15, 1991 stock and warrant prices of $11.50 each. The original LBO investors contributed about $3.2 billion in equity ($1.5 billion initially on 2/9/89 and $1.7 billion in the restructuring on 7/16/90); as of 7/15/91, the total value of this equity had grown to $7.3 billion. The new public equity purchased for cash or exchanged for debt in March and April of 1991 totaled $2.0 billion; and the total value of this equity had increased to $2.8 billion as of 7/15/91. 3 . Given these conclusive indications of success, it seems ironic that one of the most recent journalist attempts
Journal of Applied Corporate Finance – Wiley
Published: Jun 1, 1991
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