Word: investors
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Dates: during 1980-1989
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...deals have fallen short of their fanfare. KKR hailed the purchase of Beatrice as the "deal of the century," but wound up getting stuck with businesses that have not yet found buyers. "Beatrice was overadvertised as a spectacular deal when it was really just a good one," said one investor. "Everybody's making money; they're just not making as much money as they thought they would, or as fast as they could...
Administrators have said that Harvard had a"contractual commitment" to participate in thetakeover. However, one investor, the Common-wealthof Massachusetts pension fund, successfullyrefused to allow its funds to be used in thebuyout, citing RJR's involvement in South Africa...
...fizzled last week when the Macmillan publishing firm accepted a $2.5 billion offer from British financier and press lord Robert Maxwell. In Georgia, Joseph Lanier, chairman of West Point Pepperell, which makes Arrow shirts and Martex towels, was determined to beat back a bid for his company from Chicago investor William Farley, whose company makes Fruit of the Loom underwear. Said Lanier: "We intend to whip him, and are going to fight him until hell freezes over...
Each entrant is equipped with a simulated brokerage account containing $500,000. The investors place orders by calling a toll-free number that puts them in touch with student "brokers" in Wellesley, Mass., who record the transactions based on the latest stock quotes. The investor who earns the most by Feb. 28 wins $25,000 in real money and a trip to the Bahamas...
Between the problems of threading the regulatory maze and the mechanical difficulties, the project has been a cliffhanger for Buckley and Alexander Hadden, a co-investor whom Buckley credits with seeing the enterprise through. "Without his strength and determination," he says, "I don't know if I would have stuck with it." For Hadden it has been a matter of common sense. "It's crazy not to use this power that's freely available and does no harm to the environment...