Buyers Get Creative For Toys 'R' Us

Freed, Dan
January 2006
Investment Dealers' Digest;1/16/2006, Vol. 72 Issue 2, p60
Trade Publication
The article focuses on the buyout of troubled retailer Toys "R" Us Inc. in July 2005. The deal tapped eight markets for financing in several countries. It fetched a 123% premium for Toys "R" Us shareholders. The deal constituted the largest retail leveraged buyout in history. It also provided a showcase for the real estate and financing savvy of the buyers--Vornado Realty Trust, and private equity shops Bain Capital Inc. and Kohlberg Kravis Roberts & Co. Toys "R" Us had been overtaken by Wal-Mart as the nation's top toy retailer, and price wars had hurt its profit margins and share price, which was around $11 in 2003.


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