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companies for $ 375 billion, representing 18 times the level of transactions closed in 2003. Additionally, U.S.-based private-equity firms raised $ 215.4 billion in investor commitments to 322 funds, surpassing the previous record set in 2000 by 22% and 33% higher than the 2005 fundraising total. The following year, despite the onset of turmoil in the credit markets in the summer, saw yet another record year of fundraising with $ 302 billion of investor commitments to 415 funds. Among the mega-buyouts completed during the 2006 to 2007 boom were:
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offering a deal fee to the management team if a certain price threshold is reached. Financial sponsors usually react to this again by offering to compensate the management team for a lost deal fee if the purchase price is low. Another mechanisms to handle this problem are earn-outs (purchase price being contingent on reaching certain future profitabilities).
706:, submitted a bid of $ 112, a figure they felt certain would enable them to outflank any response by Kravis's team. KKR's final bid of $ 109, while a lower dollar figure, was ultimately accepted by the board of directors of RJR Nabisco. At $ 31.1 billion of transaction value, RJR Nabisco was the largest leveraged buyout in history until the 2007 buyout of
523:, began a series of what they described as "bootstrap" investments. Many of the target companies lacked a viable or attractive exit for their founders, as they were too small to be taken public and the founders were reluctant to sell out to competitors: thus, a sale to an outside buyer might prove attractive. In the following years, the three
504:). These investment vehicles would utilize a number of the same tactics and target the same type of companies as more traditional leveraged buyouts and in many ways could be considered a forerunner of the later private-equity firms. In fact, it is Posner who is often credited with coining the term "leveraged buyout" or "LBO."
911:(MBO). In an MBO, the incumbent management team (that usually has no or close to no shares in the company) acquires a sizeable portion of the shares of the company. Similar to an MBO is an MBI (Management Buy In) in which an external management team acquires the shares. An MBO can occur for a number of reasons; e.g.,
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must own after the acquisition in order to qualify as an MBO, as opposed to a normal leveraged buyout in which the management invests together with the financial sponsor. However, in the usual use of the term, an MBO is a situation in which the management team initiates and actively pushes the acquisition.
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drug stores. Many LBOs of the boom period 2005–2007 were also financed with too high a debt burden. The failure of the
Federated buyout was a result of excessive debt financing, comprising about 97% of the total consideration, which led to large interest payments that exceeded the company's operating
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Financial sponsors are often sympathetic to MBOs as in these cases they are assured that management believes in the future of the company and has an interest in value creation (as opposed to being solely employed by the company). There are no clear guidelines as to how big a share the management team
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A secondary buyout is a form of leveraged buyout where both the buyer and the seller are private-equity firms or financial sponsors (i.e., a leveraged buyout of a company that was acquired through a leveraged buyout). A secondary buyout will often provide a clean break for the selling private-equity
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The cost of debt is lower because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity.
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announced major writedowns due to credit losses. The leveraged finance markets came to a near standstill. As 2007 ended and 2008 began, it was clear that lending standards had tightened and the era of "mega-buyouts" had come to an end. Nevertheless, private equity continues to be a large and active
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debt widely available to finance large leveraged buyouts. July and August saw a notable slowdown in issuance levels in the high yield and leveraged loan markets with only few issuers accessing the market. Uncertain market conditions led to a significant widening of yield spreads, which coupled with
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bankers would complete a series of buyouts including Stern Metals (1965), Incom (a division of
Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973) as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. By 1976, tensions had built up
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On
January 21, 1955, McLean Industries, Inc. purchased the capital stock of Pan Atlantic Steamship Corporation and Gulf Florida Terminal Company, Inc. from Waterman Steamship Corporation. In May McLean Industries, Inc. completed the acquisition of the common stock of Waterman Steamship Corporation
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In most situations, the management team does not have enough money to fund the equity needed for the acquisition (to be combined with bank debt to constitute the purchase price) so that management teams work together with financial sponsors to part-finance the acquisition. For the management team,
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Relatively little existing debt – The "math" in an LBO works because the private-equity firm adds more debt to a company's capital structure, and then the company repays it over time, resulting in a lower effective purchase price; it is tougher to make a deal work when a company already has a high
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Stable cash flows – The company being acquired in a leveraged buyout must have sufficiently stable cash flows to pay its interest expense and repay debt principal over time. So mature companies with long-term customer contracts and/or relatively predictable cost structures are commonly acquired in
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MBO situations often lead management teams into a dilemma as they face a conflict of interest, being interested in a low purchase price personally while at the same time being employed by the owners who obviously have an interest in a high purchase price. Owners usually react to this situation by
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and higher interest rates. In big purchases, debt and equity can come from more than one party. Banks can also syndicate debt, meaning they sell pieces of the debt to other banks. Seller notes (or vendor loans) can also happen when the seller uses part of the sale to give the purchaser a loan. In
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The outcome of litigation attacking a leveraged buyout as a fraudulent transfer will generally turn on the financial condition of the target at the time of the transaction – that is, whether the risk of failure was substantial and known at the time of the LBO, or whether subsequent unforeseeable
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with its lenders. The financial restructuring might entail that the equity owners inject some more money in the company and the lenders waive parts of their claims. In other situations, the lenders inject new money and assume the equity of the company, with the present equity owners losing their
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As 2005 ended and 2006 began, new "largest buyout" records were set and surpassed several times with nine of the top ten buyouts at the end of 2007 having been announced in an 18-month window from the beginning of 2006 through the middle of 2007. In 2006, private-equity firms bought 654 U.S.
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and a group of investors acquired Gibson
Greetings, a producer of greeting cards, for $ 80 million, of which only $ 1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $ 290 million IPO and Simon made
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Debt volumes of up to 100% of a purchase price have been provided to companies with very stable and secured cash flows, such as real estate portfolios with rental income secured by long-term rental agreements. Typically, debt of 40–60% of the purchase price may be offered. Debt ratios vary
125:), they have an incentive to employ as much debt as possible to finance an acquisition. This has, in many cases, led to situations in which companies were "over-leveraged", meaning that they did not generate sufficient cash flows to service their debt, which in turn led to insolvency or to
714:. In 2006 and 2007, a number of leveraged buyout transactions were completed that for the first time surpassed the RJR Nabisco leveraged buyout in terms of nominal purchase price. However, adjusted for inflation, none of the leveraged buyouts of the 2006–2007 period surpassed RJR Nabisco.
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held that such settlement payments could not be avoided, irrespective of whether they occurred in an LBO of a public or private company. To the extent that public shareholders are protected, insiders and secured lenders become the primary targets of fraudulent transfer actions.
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approximately $ 66 million. The success of the Gibson
Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts. Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $ 250 billion.
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in 2002, large multibillion-dollar U.S. buyouts could once again obtain significant high yield debt financing from various banks and larger transactions could be completed. By 2004 and 2005, major buyouts were once again becoming common, including the acquisitions of
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situation for the financial sponsor and the banks: the financial sponsor can increase the rate of returns on its equity by employing the leverage; banks can make substantially higher margins when supporting the financing of LBOs as compared to usual corporate
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Valuation – Private-equity firms prefer companies that are moderately undervalued to appropriately valued; they prefer not to acquire companies trading at extremely high valuation multiples (relative to the sector) because of the risk that valuations could
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and tertiary buyout, among others, and can occur in growth situations, restructuring situations, and insolvencies. LBOs mostly occur in private companies, but can also be employed with public companies (in a so-called PtP transaction – public-to-private).
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Often, secondary buyouts have been successful if the investment has reached an age where it is necessary or desirable to sell rather than hold the investment further or where the investment had already generated significant value for the selling firm.
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events led to the failure. The analysis historically depended on "dueling" expert witnesses and was notoriously subjective, expensive, and unpredictable. However, courts are increasingly turning toward more objective, market-based measures.
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LBOs, the only collateral is the company's assets and cash flows. The financial sponsor can treat their investment as common equity, preferred equity, or other securities. Preferred equity pays dividends and has priority over common equity.
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shares and investment. The operations of the company are not affected by the financial restructuring. Nonetheless, the financial restructuring requires significant management attention and may lead to customers losing faith in the company.
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drug stores, Walter
Industries, FEB Trucking and Eaton Leonard. Additionally, the RJR Nabisco deal was showing signs of strain, leading to a recapitalization in 1990 that involved the contribution of $ 1.7 billion of new equity from KKR.
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acquires a company. However, many corporate transactions are partially funded by bank debt, thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO), management buy-in (MBI), secondary
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The increase in secondary buyout activity in 2000s was driven in large part by an increase in capital available for the leveraged buyouts. Often, selling private-equity firms pursue a secondary buyout for a number of reasons:
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firms and its limited partner investors. Historically, given that secondary buyouts were perceived as distressed sales by both seller and buyer, limited partner investors considered them unattractive and largely avoided them.
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There probably are just as many successful MBOs as there are unsuccessful ones. Crucial for the management team at the beginning of the process is the negotiation of the purchase price and the deal structure (including the
758:. It also agreed to pay a fine of $ 650 million – at the time, the largest fine ever levied under securities laws. Milken left the firm after his own indictment in March 1989. On February 13, 1990, after being advised by
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698:'s original bid, KKR quickly introduced a tender offer to obtain RJR Nabisco for $ 90 per share – a price that enabled it to proceed without the approval of RJR Nabisco's management. RJR's management team, working with
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Some kinds of businesses – e.g., those with relatively slow growth but which generate high cash flows – may be more appealing to private-equity firms than they are to public stock investors or other corporations.
93:) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower
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One of the final major buyouts of the 1980s proved to be its most ambitious and marked both a high-water mark and a sign of the beginning of the end of the boom that had begun nearly a decade earlier. In 1989,
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U.S. Bankruptcy Code, 11 U.S.C. § 548(2); Uniform
Fraudulent Transfer Act, § 4. The justification given for this verdict is that the company gets no benefit from the transaction but incurs the debt for it
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Ownership has lost faith in the future of the business and is willing to sell it to management (which believes in the future of the business) in order to retain some value for investment in the business
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The amount of debt that banks are willing to provide to support an LBO varies greatly and depends, among other things, on the quality of the asset to be acquired, including its cash flows, history,
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2007 did not materialize and the lack of market confidence prevented deals from pricing. By the end of
September, the full extent of the credit situation became obvious as major lenders including
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The inability to repay debt in an LBO can be caused by initial overpricing of the target firm and/or its assets. Over-optimistic forecasts of the revenues of the target company may also lead to
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573:, and other senior financiers. The gist of all the denunciations was that top-heavy reversed pyramids of debt were being created and that they would soon crash, destroying assets and jobs.
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asset class and the private-equity firms, with hundreds of billions of dollars of committed capital from investors are looking to deploy capital in new and different transactions.
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the typical summer slowdown led many companies and investment banks to put their plans to issue debt on hold until the autumn. However, the expected rebound in the market after
101:, serves to reduce the overall cost of financing the acquisition. This is done at the risk of magnified cash flow losses should the acquisition perform poorly after the buyout.
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Debt for an acquisition comes in two types: senior and junior. Senior debt is secured with the target company's assets and has lower interest rates. Junior debt has no
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holding companies as investment vehicles to acquire portfolios of investments in corporate assets was a relatively new trend in the 1960s, popularized by the likes of
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which typically involve the acquisition of portfolios of private equity assets including limited partnership stakes and direct investments in corporate securities.
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Relatively low fixed costs – Fixed costs create substantial risk for private-equity firms because companies still have to pay them even if their revenues decline.
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executives will have worked together for a long time and will also have some vested interest in the LBO by rolling over their shares when the deal takes place.
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includes a so-called "safe harbor" provision, preventing bankruptcy trustees from recovering settlement payments to the bought-out shareholders. In 2009, the
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660:. It was, at that time and for over 17 years following, the largest leveraged buyout in history. The event was chronicled in the book (and later the movie)
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If a company that was acquired in a secondary buyout gets sold to another financial sponsor, the resulting transaction is called a tertiary buyout.
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The combination of decreasing interest rates, loosening lending standards, and regulatory changes for publicly traded companies (specifically the
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in 1964 is among the first significant leveraged buyout transactions. Similar to the approach employed in the McLean transaction, the use of
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In addition to the amount of debt that can be used to fund leveraged buyouts, it is also important to understand the types of companies that
666:. KKR would eventually prevail in acquiring RJR Nabisco at $ 109 per share, marking a dramatic increase from the original announcement that
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While different firms pursue different strategies, there are some characteristics that hold true across many types of leveraged buyouts:
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in May 1955. Under the terms of that transaction, McLean borrowed $ 42 million and raised an additional $ 7 million through an issue of
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1222:"THE PHILANTHROPIST DISCUSSES TSUNAMI RELIEF, PUBLIC VERSUS PRIVATE GIVING, AND WHY PARENTS SHOULD LIMIT THEIR CHILDREN'S INHERITANCE"
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the negotiation of the deal with the financial sponsor (i.e., who gets how many shares of the company) is a key value creation lever.
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helped raise blind pools of capital with which corporate raiders could make a legitimate attempt to take over a company and provided
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markets. The markets had been highly robust during the first six months of 2007, with highly issuer friendly developments including
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would take RJR Nabisco private at $ 75 per share. A fierce series of negotiations and horse-trading ensued which pitted KKR against
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Opler, T. and Titman, S. "The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs."
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The leveraged buyout boom of the 1980s was conceived in the 1960s by a number of corporate financiers, most notably
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1148:, pp. 44–47 (Princeton Univ. Press 2006). The details of this transaction are set out in ICC Case No. MC-F-5976,
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Simkovic, Michael (29 August 2010). "Amicus Brief, In re
Lyondell Chemical Company bankruptcy". Ssrn.com.
1506:"THE COLLAPSE OF DREXEL BURNHAM LAMBERT; Drexel, Symbol of Wall St. Era, Is Dismantling; Bankruptcy Filed"
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most responsible for the boom in private equity during the 1980s due to its leadership in the issuance of
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between Bear
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McLean Trucking Company and Pan-Atlantic American Steamship Corporation – Investigation of Control
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Management sees a value in the business that ownership does not see and does not wish to pursue
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under U.S. insolvency law if it is determined to be the cause of the acquired firm's failure.
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after acquisition. Some courts have found that in certain situations, LBO debt constitutes a
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As financial sponsors increase their returns by employing a very high leverage (i.e., a high
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King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone
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By the end of the 1980s the excesses of the buyout market were beginning to show, with the
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Please help update this article to reflect recent events or newly available information.
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The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger
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QSI Holdings, Inc. v. Alford, --- F.3d ---, Case No. 08-1176 (6th Cir. July 6, 2009).
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Secondary buyouts may generate liquidity more quickly than other routes (i.e., IPOs).
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developed a reputation as a ruthless corporate raider after his hostile takeover of
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April Fools: An Insider's Account of the Rise and Collapse of Drexel Burnham
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in which the equity owners lose control over the business to the lenders.
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Diagram of the basic structure of a generic leveraged buyout transaction
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Leveraged buyouts: The LBO craze flourishes amid warnings of disaster
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Some LBOs before 2000 have resulted in corporate bankruptcy, such as
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In the summer of 1984 the LBO was a target for virulent criticism by
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1254:"Lewis B. Cullman '41 | Obituaries | Yale Alumni Magazine"
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were actively involved in advising and financing the parties. After
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1106:"The Adjusted Present Value Approach to Valuing Leveraged Buyouts"
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LCD Loan Market Primer: LBOs – What are leveraged loans used for?
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Often, instead of declaring insolvency, the company negotiates a
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in 1985. Many of the corporate raiders were onetime clients of
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Sony-Led Group Makes a Late Bid to Wrest MGM From Time Warner
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EST, Carl Sullivan On 1/11/05 at 7:00 PM (January 11, 2005).
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at the time, Kohlberg and Kravis, along with Kravis' cousin
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The first leveraged buyout may have been the purchase by
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Many of the major banking players of the day, including
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LBOs have become attractive as they usually represent a
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Equity Firm Wins Bidding for a Retailer, Alliance Boots
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Three Firms Are Said to Buy Toys 'R' Us for $ 6 Billion
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Banks have reacted to failed LBOs by requiring a lower
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may not be possible for niche or undersized businesses.
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KKR, Texas Pacific Will Acquire TXU for $ 45 Billion
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Capital Firms Agree to Buy SunGard Data in Cash Deal
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New York : Harper & Row, 1990, pp. 133–136
1164:"Opinion | The Case for Giving Money Away Now"
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227:significantly among regions and target industries.
1765:SORKIN, ANDREW ROSS and de la MERCED, MICHAEL J. "
1701:Dow Jones Private Equity Analyst as referenced in
1688:Dow Jones Private Equity Analyst as referenced in
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847:In July 2007, turmoil that had been affecting the
907:A special case of a leveraged acquisition is a
663:Barbarians at the Gate: The Fall of RJR Nabisco
1703:Private equity fund raising up in 2007: report
1420:"Barbarians pushing boundaries at Asian gates"
942:) and the selection of the financial sponsor.
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1076:History of private equity and venture capital
426:History of private equity and venture capital
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1607:Ford Said to Be Ready to Pursue a Hertz Sale
1238:: CS1 maint: numeric names: authors list (
1041:U.S. Court of Appeals for the Sixth Circuit
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1947:Investopedia definition – Leveraged Buyout
1767:Private Equity Investors Hint at Cool Down
1716:HCA Buyout Highlights Era of Going Private
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30:"LBO" redirects here. For other uses, see
1882:U.S. Bankruptcy Code, 11 U.S.C. § 546(e).
1586:SORKIN, ANDREW ROSS and ROZHON, TRACIE. "
1276:. December 4, 2006. Accessed May 22, 2008
1133:from its founders and other stockholders.
191:Learn how and when to remove this message
1462:"Private equity buys TXU in record deal"
108:The term LBO is usually employed when a
1679:". The Washington Post, March 15, 2007.
1626:Ford Completes Sale of Hertz to 3 Firms
1096:
767:U.S. Securities and Exchange Commission
760:United States Secretary of the Treasury
571:U.S. Securities and Exchange Commission
377:
365:
345:
329:
313:
297:
279:
1865:
1854:
1690:U.S. private-equity funds break record
1569:New York: Simon & Schuster, 1991.
1556:
1554:
1231:
1205:: CS1 maint: archived copy as title (
1198:
264:Strong management team – Ideally, the
1605:ANDREW ROSS SORKIN and DANNY HAKIM. "
1504:Eichenwald, Kurt (14 February 1990).
7:
1786:Sorting Through the Buyout Freezeout
169:adding citations to reliable sources
1692:Associated Press, January 11, 2007.
721:of several large buyouts including
1752:Lonkevich, Dan and Klump, Edward.
795:Private equity in the 21st century
25:
1915:Concise Encyclopedia of Economics
1906:"Takeovers and Leveraged Buyouts"
1804:id=9566005 Turmoil in the markets
1537:. New York City: Donald I. Fine.
640:, whose investment banking firm,
3155:
3145:
2524:
2523:
2514:
2513:
2503:
2494:
2493:
2483:
2474:
2473:
2464:
2463:
1920:Library of Economics and Liberty
1320:David Carey and John E. Morris,
1273:The History Of Leveraged Buyouts
1162:Madoff, Ray D. (June 16, 2019).
289:
141:
41:
563:chairman of the Federal Reserve
460:Lewis Cullman's acquisition of
437:Early history of private equity
341:and the venture capital bubble)
2942:Debtor-in-possession financing
2241:Publicly traded private equity
977:Secondary buyouts differ from
959:Sales to strategic buyers and
946:Secondary and tertiary buyouts
451:Waterman Steamship Corporation
447:Pan-Atlantic Steamship Company
1:
2509:List of venture capital firms
1756:Bloomberg, February 26, 2007.
546:In January 1982, former U.S.
2882:Staggered board of directors
2489:List of private equity firms
2246:Business Development Company
1666:." Bloomberg, March 29, 2005
1081:List of private-equity firms
2999:Accretion/dilution analysis
1705:, Reuters, January 8, 2008.
1368:10 Questions for Carl Icahn
1004:and the 1986 buyout of the
1002:Federated Department Stores
727:Federated Department Stores
542:Private equity in the 1980s
462:Orkin Exterminating Company
3213:
2962:Leveraged recapitalization
2333:High-net-worth individuals
2123:Leveraged recapitalization
1904:Jarrell, Gregg A. (2002).
1486:Nabisco Refinance Plan Set
983:secondary market purchases
900:
792:
676:Forstmann Little & Co.
648:financing of the buyouts.
584:of the company, perceived
539:
434:
423:
29:
3141:
3133:Valuation using multiples
3118:Sum-of-the-parts analysis
3088:Modigliani–Miller theorem
2947:Dividend recapitalization
2762:Secondary market offering
2459:
2221:Limited liability company
2181:Venture capital financing
2128:Dividend recapitalization
729:, the 1986 buyout of the
548:Secretary of the Treasury
496:(Reliance Insurance) and
281:History of private equity
50:This article needs to be
3197:Mergers and acquisitions
3151:List of investment banks
3066:Free cash flow to equity
2892:Super-majority amendment
2817:Management due diligence
2757:Seasoned equity offering
1326:(Crown 2010), pp. 15–16.
1170:– via www.wsj.com.
484:), and later adopted by
2862:Shareholder rights plan
2852:Post-merger integration
2822:Managerial entrenchment
2792:Contingent value rights
2732:Initial public offering
2288:Institutional investors
1677:The Private Equity Boom
1384:TWA – Death Of A Legend
785:bankruptcy protection.
771:New York Stock Exchange
530:Kohlberg Kravis Roberts
443:McLean Industries, Inc.
123:ratio of debt to equity
3192:Management cybernetics
3004:Adjusted present value
2867:Special-purpose entity
2705:Direct public offering
2675:At-the-market offering
2426:Liquidation preference
2391:Distribution waterfall
2343:Sovereign wealth funds
1864:Cite journal requires
1784:SORKIN, ANDREW ROSS. "
1714:SORKIN, ANDREW ROSS. "
1675:Samuelson, Robert J. "
1643:SORKIN, ANDREW ROSS. "
1529:Stone, Dan G. (1990).
1301:Taylor, Alexander L. "
1288:Barbarians at the Gate
1258:yalealumnimagazine.com
851:spilled over into the
789:Age of the mega-buyout
779:Drexel Burnham Lambert
738:Drexel Burnham Lambert
672:Shearson Lehman Hutton
668:Shearson Lehman Hutton
642:Drexel Burnham Lambert
511:and later his protégé
78:
3187:Corporate development
3019:Conglomerate discount
2499:Venture capital firms
2251:Venture capital trust
1104:MacKinlay, A. Craig.
814:The Hertz Corporation
781:officially filed for
76:
3041:Economic value added
3036:Discounted cash flow
2479:Private equity firms
2207:Private equity firms
2156:Post-money valuation
2033:Equity co-investment
1653:, September 14, 2004
1634:, September 13, 2005
1393:by Elaine X. Grant,
1049:debt-to-equity ratio
610:Harold Clark Simmons
509:Jerome Kohlberg, Jr.
449:in January 1955 and
165:improve this section
127:debt-to-equity swaps
32:LBO (disambiguation)
2626:Senior secured debt
2529:Portfolio companies
2446:Undercapitalization
2298:Insurance companies
2216:Limited partnership
2161:Pre-money valuation
1733:WERDIGIER, JULIA. "
1624:PETERS, JEREMY W. "
1615:, September 8, 2005
1484:Wallace, Anise C. "
1370:by Barbara Kiviat,
1270:Trehan, R. (2006).
1168:Wall Street Journal
1026:fraudulent transfer
818:Metro-Goldwyn-Mayer
712:Texas Pacific Group
618:Sir James Goldsmith
305:(origins of modern
283:and venture capital
3161:Outline of finance
3073:Market value added
3056:Financial modeling
3014:Business valuation
2937:Debt restructuring
2715:Follow-on offering
2700:Corporate spin-off
2658:(terms/conditions)
2575:investment banking
2381:Capital commitment
2151:Business incubator
2118:Buy–sell agreement
1910:David R. Henderson
1794:, August 12, 2007.
1510:The New York Times
1491:The New York Times
1389:2008-11-21 at the
1337:Journal of Finance
1086:Vulture capitalist
1022:financial distress
1014:debt restructuring
1000:'s 1988 buyout of
897:Management buyouts
861:PIK and PIK Toggle
801:Sarbanes–Oxley Act
756:stock manipulation
725:'s 1988 buyout of
569:, chairman of the
474:Berkshire Hathaway
387:COVID-19 recession
232:security interests
79:
3169:
3168:
3093:Net present value
3078:Minority interest
3009:Associate company
2985:
2984:
2952:Financial sponsor
2872:Special situation
2842:Pre-emption right
2832:Minority discount
2742:Private placement
2641:Subordinated debt
2596:Exchangeable debt
2583:Capital structure
2571:Corporate finance
2537:
2536:
2386:Capital structure
2271:
2270:
2113:Divisional buyout
2108:Management buyout
2103:Financial sponsor
1596:, March 17, 2005.
1395:St Louis Magazine
1285:Burrough, Bryan.
1066:Divisional buyout
1061:Bootstrap funding
1035:In addition, the
909:management buyout
903:Management buyout
853:leveraged finance
763:Nicholas F. Brady
422:
421:
201:
200:
193:
110:financial sponsor
71:
70:
16:(Redirected from
3204:
3159:
3158:
3149:
3148:
3051:Fairness opinion
3046:Enterprise value
3029:Weighted average
2957:Leveraged buyout
2812:Drag-along right
2710:Equity carve-out
2667:Equity offerings
2663:
2659:
2631:Shareholder loan
2616:Second lien debt
2611:Preferred equity
2591:Convertible debt
2564:
2557:
2550:
2541:
2527:
2526:
2517:
2516:
2507:
2506:
2497:
2496:
2487:
2486:
2477:
2476:
2467:
2466:
2328:Commercial banks
2318:Investment banks
2226:Carried interest
2091:
1994:Investment types
1976:
1969:
1962:
1953:
1923:
1918:(1st ed.).
1892:
1889:
1883:
1880:
1874:
1873:
1867:
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1795:
1782:
1776:
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1757:
1750:
1744:
1743:, April 25, 2007
1731:
1725:
1724:, July 25, 2006.
1712:
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1667:
1660:
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1558:
1549:
1548:
1536:
1526:
1520:
1519:
1517:
1516:
1501:
1495:
1494:, July 16, 1990.
1482:
1476:
1475:
1473:
1472:
1457:
1451:
1441:
1435:
1434:
1432:
1431:
1416:
1410:
1404:
1398:
1381:
1375:
1365:
1359:
1358:, February 1986.
1348:Thackray, John "
1346:
1340:
1333:
1327:
1318:
1312:
1311:, Jul. 16, 1984.
1299:
1293:
1283:
1277:
1268:
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1261:
1250:
1244:
1243:
1237:
1229:
1217:
1211:
1210:
1204:
1196:
1194:
1193:
1184:. Archived from
1178:
1172:
1171:
1159:
1153:
1140:
1134:
1130:
1124:
1123:
1121:
1119:
1110:
1101:
849:mortgage markets
704:Salomon Brothers
688:Salomon Brothers
606:T. Boone Pickens
582:hostile takeover
551:William E. Simon
502:Onex Corporation
414:
407:
400:
339:leveraged buyout
323:leveraged buyout
293:
277:
196:
189:
185:
182:
176:
145:
137:
83:leveraged buyout
66:
63:
57:
45:
44:
37:
21:
3212:
3211:
3207:
3206:
3205:
3203:
3202:
3201:
3172:
3171:
3170:
3165:
3137:
3113:Stock valuation
3108:Residual income
3024:Cost of capital
2981:
2977:Project finance
2967:High-yield debt
2923:
2902:Tag-along right
2827:Mandatory offer
2797:Control premium
2778:
2771:
2747:Public offering
2695:Bought out deal
2657:
2656:
2650:
2577:
2568:
2538:
2533:
2519:Angel investors
2455:
2406:High-yield debt
2359:financial terms
2358:
2352:
2267:
2195:
2176:Startup company
2132:
2086:
2080:
2037:
1989:
1987:venture capital
1980:
1903:
1900:
1895:
1890:
1886:
1881:
1877:
1863:
1853:
1842:
1841:
1837:
1831:
1827:
1821:King of Capital
1818:
1814:
1802:
1798:
1783:
1779:
1775:, June 26, 2007
1764:
1760:
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1502:
1498:
1483:
1479:
1470:
1468:
1460:Hall, Jessica.
1459:
1458:
1454:
1442:
1438:
1429:
1427:
1418:
1417:
1413:
1407:King of Capital
1405:
1401:
1391:Wayback Machine
1382:
1378:
1374:, Feb. 15, 2007
1366:
1362:
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1284:
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1265:
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1197:
1191:
1189:
1182:"Archived copy"
1180:
1179:
1175:
1161:
1160:
1156:
1152:, July 8, 1957.
1142:Marc Levinson,
1141:
1137:
1131:
1127:
1117:
1115:
1108:
1103:
1102:
1098:
1094:
1057:
1037:Bankruptcy Code
994:
948:
905:
899:
857:high-yield debt
797:
791:
775:Federal Reserve
751:nolo contendere
746:high-yield debt
742:investment bank
700:Shearson Lehman
696:Shearson Lehman
646:high-yield debt
586:asset stripping
544:
538:
482:DWG Corporation
466:publicly traded
455:preferred stock
439:
433:
428:
418:
282:
275:
219:prospects, and
197:
186:
180:
177:
162:
146:
135:
133:Characteristics
95:cost of capital
67:
61:
58:
55:
46:
42:
35:
28:
23:
22:
18:Leverage buyout
15:
12:
11:
5:
3210:
3208:
3200:
3199:
3194:
3189:
3184:
3182:Private equity
3174:
3173:
3167:
3166:
3164:
3163:
3153:
3142:
3139:
3138:
3136:
3135:
3130:
3128:Terminal value
3125:
3120:
3115:
3110:
3105:
3100:
3095:
3090:
3085:
3080:
3075:
3070:
3069:
3068:
3061:Free cash flow
3058:
3053:
3048:
3043:
3038:
3033:
3032:
3031:
3021:
3016:
3011:
3006:
3001:
2995:
2993:
2987:
2986:
2983:
2982:
2980:
2979:
2974:
2972:Private equity
2969:
2964:
2959:
2954:
2949:
2944:
2939:
2933:
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2925:
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2921:
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2649:
2648:
2643:
2638:
2633:
2628:
2623:
2618:
2613:
2608:
2603:
2601:Mezzanine debt
2598:
2593:
2587:
2585:
2579:
2578:
2569:
2567:
2566:
2559:
2552:
2544:
2535:
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2531:
2521:
2511:
2501:
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2454:
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2354:
2353:
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2338:Family offices
2335:
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2323:Merchant banks
2320:
2315:
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2305:
2300:
2295:
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2285:
2279:
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2272:
2269:
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2266:
2265:
2260:
2255:
2254:
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2248:
2238:
2233:
2231:Management fee
2228:
2223:
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2213:
2203:
2201:
2197:
2196:
2194:
2193:
2188:
2183:
2178:
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2168:
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2148:
2146:Angel investor
2142:
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1983:Private equity
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1898:External links
1896:
1894:
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1866:|journal=
1835:
1825:
1812:
1796:
1791:New York Times
1777:
1772:New York Times
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1740:New York Times
1726:
1721:New York Times
1707:
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1655:
1650:New York Times
1636:
1631:New York Times
1617:
1612:New York Times
1598:
1593:New York Times
1579:
1567:Stewart, J. B.
1562:Den of Thieves
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998:Robert Campeau
993:
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923:
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916:
901:Main article:
898:
895:
877:covenant light
863:(interest is "
838:Alliance Boots
793:Main article:
790:
787:
723:Robert Campeau
680:Morgan Stanley
638:Michael Milken
622:Saul Steinberg
614:Kirk Kerkorian
602:Robert M. Bass
578:corporate raid
567:John S.R. Shad
540:Main article:
537:
534:
532:in that year.
521:George Roberts
515:. Working for
498:Gerry Schwartz
494:Saul Steinberg
470:Warren Buffett
435:Main article:
432:
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424:Main article:
420:
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2191:Venture round
2189:
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2051:Early history
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2019:
2016:
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1833:nevertheless.
1829:
1826:
1823:, pp. 211–12.
1822:
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1810:July 27, 2007
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1575:0-671-63802-5
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1497:
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1449:
1448:TIME magazine
1445:
1444:Game of Greed
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1188:on 2020-08-04
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692:Merrill Lynch
689:
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684:Goldman Sachs
681:
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655:
649:
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639:
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631:
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626:Asher Edelman
623:
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594:Victor Posner
591:
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478:Victor Posner
475:
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359:credit crunch
356:
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299:Early history
296:
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288:
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259:
257:debt balance.
255:
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155:
150:This section
148:
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132:
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128:
124:
119:
116:
111:
106:
102:
100:
96:
92:
88:
84:
75:
65:
53:
48:
39:
38:
33:
19:
3103:Real options
2956:
2919:Tender offer
2779:acquisitions
2767:Underwriting
2752:Rights issue
2655:Transactions
2451:Vintage year
2376:Capital call
2348:Crowdfunding
2283:Corporations
2186:Venture debt
2094:
2005:
1913:
1887:
1878:
1857:cite journal
1838:
1828:
1820:
1815:
1799:
1789:
1780:
1770:
1761:
1748:
1738:
1729:
1719:
1710:
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1601:
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1524:
1513:. Retrieved
1509:
1499:
1489:
1480:
1469:. Retrieved
1465:
1455:
1439:
1428:. Retrieved
1426:. 2018-10-10
1423:
1414:
1409:, pp. 31–44.
1406:
1402:
1394:
1379:
1363:
1353:
1344:
1331:
1321:
1316:
1306:
1303:Buyout Binge
1297:
1286:
1281:
1271:
1266:
1257:
1248:
1225:
1215:
1190:. Retrieved
1186:the original
1176:
1167:
1157:
1149:
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1138:
1128:
1116:. Retrieved
1112:
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1034:
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798:
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736:
716:
661:
650:
598:Nelson Peltz
575:
559:Paul Volcker
556:
545:
525:Bear Stearns
517:Bear Stearns
513:Henry Kravis
506:
486:Nelson Peltz
459:
440:
338:
322:
244:
237:
229:
225:
214:
202:
187:
178:
163:Please help
151:
120:
107:
103:
86:
82:
80:
59:
51:
2877:Squeeze-out
2847:Proxy fight
2777:Mergers and
2690:Bought deal
2621:Senior debt
2313:Foundations
2236:Pledge fund
2028:Secondaries
1009:cash flow.
979:secondaries
810:Toys "R" Us
769:(SEC), the
710:by KKR and
658:RJR Nabisco
373:(expansion)
221:hard assets
3176:Categories
3123:Tax shield
3083:Mismarking
2887:Stock swap
2837:Pitch book
2807:Divestment
2685:Bookrunner
2606:Pari passu
2401:Envy ratio
2308:Endowments
2171:Seed money
2085:Terms and
1515:2018-10-19
1471:2018-10-16
1430:2018-10-16
1424:NASDAQ.com
1397:, Oct 2005
1192:2020-08-28
1118:30 October
1071:Envy ratio
940:envy ratio
875:ind") and
783:Chapter 11
773:, and the
719:bankruptcy
708:TXU Energy
674:and later
630:Carl Icahn
590:Carl Icahn
3098:Pure play
2991:Valuation
2857:Sell side
2720:Greenshoe
2371:Cap table
2276:Investors
2200:Structure
2018:Mezzanine
2006:Leveraged
1937:163149563
1929:317650570
1808:Economist
1355:Euromoney
886:Citigroup
882:Labor Day
830:EQ Office
824:in 2005.
805:Dex Media
379:The 2020s
367:The 2010s
347:The 2000s
331:The 1990s
315:The 1980s
181:June 2020
152:does not
62:July 2020
2929:Leverage
2907:Takeover
2802:Demerger
2787:Buy side
2421:Leverage
2357:Related
2087:concepts
1933:50016270
1387:Archived
1234:cite web
1226:Newsweek
1201:cite web
1055:See also
992:Failures
740:was the
261:decline.
91:leverage
2912:Reverse
2897:Synergy
2737:Pre-IPO
2725:Reverse
2646:Warrant
2431:M&A
2138:Venture
2043:History
2013:Venture
1912:(ed.).
1849:1632084
1450:, 1988)
1339:, 1993.
1113:Wharton
867:ayable
822:SunGard
561:, then
431:Origins
357:to the
273:History
266:C-level
210:lending
205:win–win
173:removed
158:sources
52:updated
2396:EBITDA
2095:Buyout
2023:Growth
2001:Buyout
1927:
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890:UBS AG
765:, the
690:, and
490:Triarc
476:) and
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115:buyout
99:equity
2636:Stock
2211:funds
2076:2020s
2071:2010s
2066:2000s
2061:1990s
2056:1980s
1908:. In
1109:(PDF)
1092:Notes
1006:Revco
731:Revco
565:, by
536:1980s
325:boom)
250:LBOs.
97:than
2573:and
2263:SPAC
2209:and
2166:SAFE
1985:and
1925:OCLC
1870:help
1845:SSRN
1819:See
1806:The
1571:ISBN
1539:ISBN
1240:link
1207:link
1120:2016
961:IPOs
888:and
855:and
840:and
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624:and
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