When Ken Duberstein’s secretary told him Michael Dell was on the phone on the afternoon of July 31, there was little doubt about the topic. That morning, Dell Inc.’s special board committee had rejected the latest offer from Dell to take the personal-computer company private, a battle that was dragging into its 11th month.
Robert Schaeberle, who led Nabisco Inc., one of America’s leading snack makers, into the 1981 merger with Standard Brands Inc. that set the stage for the defining battle of the leveraged-buyout era, has died. He was 88.
It took three decades for the amount of speculative-grade debt to reach $1 trillion. It took about seven years to reach $2 trillion as investors sought relief from the financial repression brought on by near-zero interest rates.
After making their founders billionaires, buyout specialists such as Carlyle Group and KKR & Co. are turning into asset managers that run hedge funds and strip malls as fresh capital and takeover targets become scarce.
Citigroup Inc., the third-biggest U.S. bank by assets, named former Ernst & Young LLP Chairman and Chief Executive Officer James S. Turley and private-equity executive Gary Reiner to the board of directors.