Barbarians at the Gate
By John Helyar & Bryan Burrough
The Fall of RJR Nabisco. HarperBusiness Essentials, 2003.
Summary of Barbarians at the Gate book by John Helyar & Bryan Burrough
The spellbinding tale behind the battle for control of RJR Nabisco and its impact on Wall Street, presented by the former investigative reporters who covered the story as it unfolded.
Chapters in Barbarians at the Gate book summary
What do you get from this book? The true story behind the RJR Nabisco buyout that transformed Wall Street
Though the leveraged buyout policy was created to pass on inheritances, it was corrupted so executives could obtain companies cheaply
The rebellious “noncompany” businessman led Standard Brands into a successful merger with Nabisco, then set his sights higher
The 1984 merger between Nabisco and RJ Reynolds was an odd but crafty move designed to increase profits
Johnson began showing an interest in leveraged buyouts early after the merger, which increased after RJR Nabisco’s move to Atlanta
Investment firm KKR tried talking Johnson into an LBO, but Johnson wanted to shop around first
Working with a new investment firm, Johnson put together a low-ball proposal that upset board members and angered Kravis
Forstmann was determined to prevent Kravis from winning RJR with junk bonds, which he believed gave companies an unfair advantage
The bidding war grew hotter and more desperate when Kravis and Forstmann began competing for Johnson and Cohen’s support
Frustrations escalated among Johnson’s camp, causing Forstmann to walk away and sign on to a new deal with Goldman Sachs
Wall Street was scrutinized by the press as LBOs were condemned by public officials, leaving RJR Nabisco with an uncertain future
First Boston swooped in out of nowhere with a high but insubstantial bid and got the deadline extended
KKR won the final bid despite Johnson offering the greater price per share
Johnson took his defeat gracefully, though Wall Street’s greed only increased in the following decades
Summary of the key insights
Selected critiques in brief
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Barbarians at the Gate — Book Summary Snapshot
Who should read Barbarians at the Gate book
- Entrepreneurs
- stockbrokers
- politicians
- anyone with an interest in Wall Street
About the author of Barbarians at the Gate
John Helyar
Bryan Burrough and John Helyar are former investigative reporters for The Wall Street Journal. Their work on the RJR Nabisco case earned them the 1989 Gerald Loeb Award. Burrough won two additional Gerald Loeb Awards for his journalism and has appeared on Today and Good Morning America. Heylar’s solo work has also appeared in Fortune magazine and Bloomberg News.
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