Author: Bryan Burrough

“Barbarians at the Gate: The Fall of RJR Nabisco” by Bryan Burrough and John Helyar is a gripping account of one of the most significant corporate takeovers in history. The book delves into the 1988 leveraged buyout (LBO) of RJR Nabisco, a deal that was valued at approximately $31.1 billion, making it the largest LBO at the time¹².

Summary

The narrative focuses on the intense bidding war for RJR Nabisco, highlighting the key players involved, such as F. Ross Johnson, the CEO of RJR Nabisco, and Henry Kravis of Kohlberg Kravis Roberts (KKR). The book provides a detailed look at the corporate strategies, financial maneuvers, and personal rivalries that drove the takeover battle².

The story begins with RJR Nabisco’s struggles due to a market crash and growing liabilities from tobacco lawsuits. Displeased with the company’s undervaluation, management decided to take the company private through a management buyout. This move triggered a fierce bidding war involving several major financial firms, each vying for control of the conglomerate¹.

Reviews

Critics and readers alike have praised the book for its thorough research and engaging storytelling. The Wall Street Journal’s investigative journalism and over 100 interviews conducted in 1989 form the backbone of the book, providing an in-depth look at the events and personalities involved².

• SuperSummary describes the book as a narrative history that not only covers the corporate history of RJR Nabisco but also the broader changes on Wall Street during the 1970s and 1980s².
• Hooked to Books highlights the book’s ability to capture the irrationality and excesses of corporate takeovers, making it a must-read for those interested in business and finance¹.
• FreeBookNotes mentions that the book is well-written and engaging, offering valuable insights into the world of corporate finance³.

Overall, “Barbarians at the Gate” is considered a seminal work in business literature, providing a vivid portrayal of corporate greed, manipulation, and the high-stakes world of Wall Street.

Have you read the book, or are you planning to? I’d love to hear your thoughts!

Source:
(1) Book Review: Barbarians at the Gate by Bryan Burrough and John Helyar. https://www.hookedtobooks.com/book-review-barbarians-gate-fall-rjr-nabisco-bryan-burrough-and-john-helyar/.
(2) Barbarians at the Gate: The Fall of RJR Nabisco – SuperSummary. https://www.supersummary.com/barbarians-at-the-gate/summary/.
(3) Barbarians at the Gate Summary and Analysis – freebooknotes.com. https://www.freebooknotes.com/summaries-analysis/barbarians-at-the-gate/.
(4) Book Summary: Barbarians at the Gate by Bryan Burrough. https://5minutebooksummary.com/barbarians-at-the-gate-summary/.
(5) goodreads.com. https://www.goodreads.com/book/show/5681343-barbarians-at-the-gate.