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By Jay Hancock and Jay Hancock,Sun Columnist | July 8, 2007
Henry Kravis has been doing deals for three decades. He has swung the largest leveraged buyouts in the United States, the Netherlands, Denmark, India, Australia, Singapore and France, say regulatory documents. He has more than doubled his company's assets under management to $50 billion in less than five years and has made himself a billionaire twice over. Now he's offering to cut you in on the action. But on this one you might take a cue from Groucho Marx: If the private equity club wants somebody like you as a member, you don't want to join.
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BUSINESS
By Hanah Cho, The Baltimore Sun | May 16, 2012
Legg Mason's stock rose nearly 7.5 percent Wednesday on news that the company will pay off $1.25 billion in senior notes held by private equity firm Kohlberg Kravis Roberts & Co. to reduce its outstanding debt. Its shares gained $1.67 to close at $24.05 each. Under the terms of the repurchase, the Baltimore money manager said it will take a $70 million to $80 million noncash charge in its fiscal first quarter. The move would reduce the company's debt by a net $350 million, Legg said.
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BUSINESS
By BLOOMBERG BUSINESS NEWS | January 19, 1996
STAMFORD, Conn. -- Xerox Corp. agreed yesterday to sell its insurance unit to Kohlberg Kravis Roberts & Co. for $2.72 billion as it ends its money-losing foray into financial services.Xerox will take a $1.5 billion charge in the 1995 fourth quarter to sell Talegen Holdings Inc. to KKR, a buyout firm. The sale will result in a loss in the quarter for Xerox, which reported year-earlier earnings of $236 million, or $2.07 a share.The company also agreed to sell its money-management group and Talegen subsidiary, First Quadrant Corp.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,jamie.smith.hopkins@baltsun.com | December 24, 2009
In a "grueling" 18-hour auction that finished early Wednesday, Erickson Retirement Communities selected a local investment firm over a New York bidder as its buyer - part of the effort to bring the Catonsville senior-living firm out of bankruptcy reorganization. Erickson did not disclose the terms of the transaction but said Hanover-based Redwood Capital Investments LLC was the successful bidder in the auction, which put on the block almost all of the company's assets. The sale will require bankruptcy court approval.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | January 15, 2008
Legg Mason Inc. announced yesterday that it has sold $1.25 billion in senior notes to private equity firm Kohlberg Kravis Roberts & Co. to shore up the Baltimore money manager's balance sheet and buy back shares from Citigroup Inc. Legg said the additional liquidity would be used for general corporate purposes, such as to finance acquisitions. It also will be used to repurchase - and then retire - 2.5 million Legg shares owned by Citigroup. Legg Mason swapped its brokerage operation for Citigroup's money management unit more than two years ago, which has yielded mixed results.
BUSINESS
By BLOOMBERG BUSINESS NEWS | March 29, 1996
QUINCY, Mass. -- Royal Ahold NV agreed yesterday to buy Stop & Shop Cos. for $2.9 billion in cash and assumed debt, the Dutch retailer's boldest move in a buying binge that has made it the fifth-largest grocer in the United States.The $33.50-a-share offer would result in a profit of $900 million for Kohlberg Kravis Roberts & Co., which invested $100 million in Stop & Shop's 1988 leveraged buyout. The New York investment firm, the grocer's majority shareholder, supports the sale.The sale also rescues Stop & Shop, which stumbled after making acquisitions aimed at expanding its base beyond New England, where it is the largest grocer.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 16, 2012
Legg Mason's stock rose nearly 7.5 percent Wednesday on news that the company will pay off $1.25 billion in senior notes held by private equity firm Kohlberg Kravis Roberts & Co. to reduce its outstanding debt. Its shares gained $1.67 to close at $24.05 each. Under the terms of the repurchase, the Baltimore money manager said it will take a $70 million to $80 million noncash charge in its fiscal first quarter. The move would reduce the company's debt by a net $350 million, Legg said.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,jamie.smith.hopkins@baltsun.com | December 24, 2009
In a "grueling" 18-hour auction that finished early Wednesday, Erickson Retirement Communities selected a local investment firm over a New York bidder as its buyer - part of the effort to bring the Catonsville senior-living firm out of bankruptcy reorganization. Erickson did not disclose the terms of the transaction but said Hanover-based Redwood Capital Investments LLC was the successful bidder in the auction, which put on the block almost all of the company's assets. The sale will require bankruptcy court approval.
BUSINESS
By BLOOMBERG BUSINESS NEWS | October 31, 1996
PLEASANTON, Calif. -- Safeway Inc. offered to buy out Vons Cos. for $2.3 billion in stock and assumed debt yesterday, a bid to return the grocer to the lucrative Southern California market it exited in 1988.Safeway, which owns 34.5 percent of Vons, offered 1.34 shares for each Vons share for a total of $1.7 billion, or $58 a share based on yesterday's closing price. Safeway, majority owned by Kohlberg Kravis Roberts & Co., said Vons has about $600 million in debt.The fast-growing grocers make a great match, analysts said, because they share management styles and a history of working together, including a joint private-label program.
BUSINESS
By Bloomberg Business News | May 14, 1995
NEW YORK -- What began with a $600 loan and a dream last month became a footnote to a trend.Joseph and Sam Bruno opened their first grocery store during the Great Depression in Birmingham, Ala., with money borrowed from their mother. One store grew to 10, two other brothers joined in and Bruno's Inc. was born in 1959. Over the next few decades, the family-run operation expanded throughout the Southeast to 254 stores.Last month, the Bruno family, which managed and still owned almost a fourth of the chain, agreed to sell most of the company to investment firm Kohlberg Kravis Roberts & Co. for $1.2 billion.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | January 15, 2008
Legg Mason Inc. announced yesterday that it has sold $1.25 billion in senior notes to private equity firm Kohlberg Kravis Roberts & Co. to shore up the Baltimore money manager's balance sheet and buy back shares from Citigroup Inc. Legg said the additional liquidity would be used for general corporate purposes, such as to finance acquisitions. It also will be used to repurchase - and then retire - 2.5 million Legg shares owned by Citigroup. Legg Mason swapped its brokerage operation for Citigroup's money management unit more than two years ago, which has yielded mixed results.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | July 8, 2007
Henry Kravis has been doing deals for three decades. He has swung the largest leveraged buyouts in the United States, the Netherlands, Denmark, India, Australia, Singapore and France, say regulatory documents. He has more than doubled his company's assets under management to $50 billion in less than five years and has made himself a billionaire twice over. Now he's offering to cut you in on the action. But on this one you might take a cue from Groucho Marx: If the private equity club wants somebody like you as a member, you don't want to join.
BUSINESS
By BLOOMBERG NEWS | January 21, 1998
NEW YORK -- Hicks, Muse, Tate & Furst Inc. and Kohlberg Kravis Roberts & Co. agreed yesterday to buy Regal Cinemas Inc. for $1.5 billion and combine their other theater chains, creating the world's largest operator of movie theaters.The investment firms will purchase Regal for $31 a share, or $1.2 billion in cash, and take on $290 million in debt.Regal will be folded into KKR's Act III Cinemas and Hicks Muse's United Artists Theatre Group, together valued at $1.5 billion. It's the first time the rival firms have joined for an investment.
BUSINESS
By BLOOMBERG BUSINESS NEWS | October 31, 1996
PLEASANTON, Calif. -- Safeway Inc. offered to buy out Vons Cos. for $2.3 billion in stock and assumed debt yesterday, a bid to return the grocer to the lucrative Southern California market it exited in 1988.Safeway, which owns 34.5 percent of Vons, offered 1.34 shares for each Vons share for a total of $1.7 billion, or $58 a share based on yesterday's closing price. Safeway, majority owned by Kohlberg Kravis Roberts & Co., said Vons has about $600 million in debt.The fast-growing grocers make a great match, analysts said, because they share management styles and a history of working together, including a joint private-label program.
BUSINESS
By BLOOMBERG BUSINESS NEWS | March 29, 1996
QUINCY, Mass. -- Royal Ahold NV agreed yesterday to buy Stop & Shop Cos. for $2.9 billion in cash and assumed debt, the Dutch retailer's boldest move in a buying binge that has made it the fifth-largest grocer in the United States.The $33.50-a-share offer would result in a profit of $900 million for Kohlberg Kravis Roberts & Co., which invested $100 million in Stop & Shop's 1988 leveraged buyout. The New York investment firm, the grocer's majority shareholder, supports the sale.The sale also rescues Stop & Shop, which stumbled after making acquisitions aimed at expanding its base beyond New England, where it is the largest grocer.
BUSINESS
By BLOOMBERG BUSINESS NEWS | January 19, 1996
STAMFORD, Conn. -- Xerox Corp. agreed yesterday to sell its insurance unit to Kohlberg Kravis Roberts & Co. for $2.72 billion as it ends its money-losing foray into financial services.Xerox will take a $1.5 billion charge in the 1995 fourth quarter to sell Talegen Holdings Inc. to KKR, a buyout firm. The sale will result in a loss in the quarter for Xerox, which reported year-earlier earnings of $236 million, or $2.07 a share.The company also agreed to sell its money-management group and Talegen subsidiary, First Quadrant Corp.
BUSINESS
By New York Times News Service | September 24, 1994
NEW YORK -- Borden Inc. signed a definitive agreement yesterday to be acquired by Kohlberg Kravis Roberts & Co. for $2 billion, clearing another hurdle in the buyout firm's quest to take over the troubled consumer-products giant.After meeting for five hours late into the night Thursday, the Borden board signed off on the agreement, subject to final approval by its lawyers on the language of the accord. Kohlberg Kravis surprised Wall Street last week by offering $2 billion of RJR Nabisco stock for Borden in a complex deal.
BUSINESS
By BLOOMBERG NEWS | January 21, 1998
NEW YORK -- Hicks, Muse, Tate & Furst Inc. and Kohlberg Kravis Roberts & Co. agreed yesterday to buy Regal Cinemas Inc. for $1.5 billion and combine their other theater chains, creating the world's largest operator of movie theaters.The investment firms will purchase Regal for $31 a share, or $1.2 billion in cash, and take on $290 million in debt.Regal will be folded into KKR's Act III Cinemas and Hicks Muse's United Artists Theatre Group, together valued at $1.5 billion. It's the first time the rival firms have joined for an investment.
BUSINESS
By Bloomberg Business News | May 14, 1995
NEW YORK -- What began with a $600 loan and a dream last month became a footnote to a trend.Joseph and Sam Bruno opened their first grocery store during the Great Depression in Birmingham, Ala., with money borrowed from their mother. One store grew to 10, two other brothers joined in and Bruno's Inc. was born in 1959. Over the next few decades, the family-run operation expanded throughout the Southeast to 254 stores.Last month, the Bruno family, which managed and still owned almost a fourth of the chain, agreed to sell most of the company to investment firm Kohlberg Kravis Roberts & Co. for $1.2 billion.
BUSINESS
By New York Times News Service | September 24, 1994
NEW YORK -- Borden Inc. signed a definitive agreement yesterday to be acquired by Kohlberg Kravis Roberts & Co. for $2 billion, clearing another hurdle in the buyout firm's quest to take over the troubled consumer-products giant.After meeting for five hours late into the night Thursday, the Borden board signed off on the agreement, subject to final approval by its lawyers on the language of the accord. Kohlberg Kravis surprised Wall Street last week by offering $2 billion of RJR Nabisco stock for Borden in a complex deal.
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