Barbarians at the Gate is a book written by Bryan Burrough that chronicles the events leading up to the largest management buyout in history. The book focuses on the leveraged buyout of RJR Nabisco by KKR (Kohlberg Kravis Roberts) in 1989. The book is a detailed account of the events that transpired during the buyout and the people involved in the transaction. The book is a must-read for anyone interested in business, finance, and the inner workings of Wall Street.
Chapter 1: The Deal
The book begins by introducing the reader to the concept of the leveraged buyout. The author explains how a leveraged buyout works and how it is used to take a company private. The chapter then introduces the reader to the players involved in the RJR Nabisco buyout, including KKR, Wall Street, and the management team at RJR Nabisco.
Chapter 2: The Bidding War
The second chapter of the book details the bidding war that took place between KKR and other potential buyers. The author describes how the bidding war escalated and how KKR eventually emerged as the winning bidder. The chapter also introduces the reader to the various players involved in the bidding war, including other potential buyers and the management team at RJR Nabisco.
Chapter 3: The Due Diligence Process
The third chapter of the book focuses on the due diligence process that took place during the buyout. The author describes how the due diligence process works and how it is used to evaluate a company’s financial health. The chapter also introduces the reader to the various players involved in the due diligence process, including the accounting firm that was hired to conduct the due diligence.
Chapter 4: The Final Offer
The fourth chapter of the book details the final offer that was made by KKR to take RJR Nabisco private. The author describes how the final offer was structured and how it was received by the management team at RJR Nabisco. The chapter also introduces the reader to the various players involved in the final offer, including the investment bankers that were hired to advise KKR.
Chapter 5: The Aftermath
The fifth and final chapter of the book focuses on the aftermath of the buyout. The author describes how the buyout affected the employees of RJR Nabisco and how it impacted the broader economy. The chapter also introduces the reader to the various players involved in the aftermath of the buyout, including the regulators that were tasked with overseeing the transaction.
Conclusion
Barbarians at the Gate is a must-read for anyone interested in business, finance, and the inner workings of Wall Street. The book provides a detailed account of the events that transpired during the leveraged buyout of RJR Nabisco in 1989. The book is well-written and engaging, and it provides valuable insights into the world of corporate finance. Whether you are a seasoned investor or a casual observer, Barbarians at the Gate is a book that you will not want to miss.
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