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A sense of closure

Jul 12, 2004 - The Deal Pipeline
Mergers and Acquisitions

Participants in the infamous '80s buyout of RJR Nabisco led by Kohlberg Kravis Roberts & Co. finally got a sense of closure last week when Apollo Management LP agreed to buy Borden Chemical Inc. from KKR for $1.2 billion in cash and debt. (KKR traded its entire RJR Nabisco stake for Borden in 1995). KKR got the ball rolling sometime in the first quarter, when it sized up investment bankers in a beauty contest. Winning the assignment of helping KKR evaluate alternatives for Borden Chemical were R...