Barbarians at the Gate is a non-fiction book that tells the story of the leveraged buyout of the tobacco and food conglomerate, RJR Nabisco, in the late 1980s. The book is set in the United States during this time period and focuses on the key players involved in the buyout, including the CEO of RJR Nabisco, F. Ross Johnson, and the investment banking firm, Kohlberg Kravis Roberts & Co. (KKR).
The book is divided into three parts, each of which covers a different stage of the buyout process. Part one introduces the main characters and sets the stage for the buyout. Part two covers the bidding war between KKR and a rival firm, Forstmann Little & Co. Part three focuses on the aftermath of the buyout and its impact on the company and the people involved.
The themes of the book include greed, power, and the cutthroat world of high finance. The authors use a narrative style to tell the story, which makes the book engaging and easy to read. They also include detailed descriptions of the financial maneuvers involved in the buyout, which may be challenging for readers who are not familiar with finance.
Overall, I enjoyed Barbarians at the Gate and would recommend it to others. The book provides a fascinating look at the world of high finance and the lengths that people will go to in order to make money. It also raises important questions about the ethics of leveraged buyouts and the impact they can have on companies and their employees.
Here are ten key takeaways from the book:
1. The world of high finance is cutthroat and ruthless.
2. Leveraged buyouts can have a devastating impact on companies and their employees.
3. Greed can blind people to the consequences of their actions.
4. The line between legal and illegal behavior can be blurry in the world of finance.
5. Due diligence is important in any financial transaction.
6. The value of a company is subjective and can be manipulated.
7. The media can play a powerful role in shaping public opinion.
8. Personal relationships can influence business decisions.
9. The interests of shareholders and employees may not always align.
10. The aftermath of a leveraged buyout can be messy and unpredictable.
One of the strengths of the book is its engaging narrative style. The authors do an excellent job of bringing the key players to life and making the complex financial maneuvers understandable to the average reader. They

Barbarians at the Gate is a non-fiction book by Bryan Burrough and John Helyar that tells the story of the leveraged buyout (LBO) of RJR Nabisco, a food and tobacco conglomerate, in the late 1980s. The book chronicles the intense bidding war between two private equity firms, Kohlberg Kravis Roberts (KKR) and Forstmann Little, as they sought to acquire the company. The book provides a detailed account of the personalities and strategies involved in the deal, as well as the broader economic and political context of the time. It is a classic in the field of business journalism and is considered a seminal work on the subject of corporate takeovers and the excesses of Wall Street in the 1980s.

Barbarians at the Gate is divided into three main parts, each of which is composed of several chapters, as follows:
Part One: The Setup
– Chapter 1: The Deal
– Chapter 2: The Merger Boom
– Chapter 3: The Players
– Chapter 4: The Target
– Chapter 5: The Bidding War Begins
– Chapter 6: The First Round
Part Two: The Battle
– Chapter 7: The Second Round
– Chapter 8: The Third Round
– Chapter 9: The Fourth Round
– Chapter 10: The Fifth Round
– Chapter 11: The Sixth Round
– Chapter 12: The Seventh Round
Part Three: The Endgame
– Chapter 13: The Endgame Begins
– Chapter 14: The Endgame Continues
– Chapter 15: The Endgame Concludes
– Chapter 16: The Aftermath
The book also includes an epilogue, notes, and an index.

Barbarians at the Gate is a book that chronicles the leveraged buyout (LBO) of RJR Nabisco, one of the largest and most iconic American companies at the time. The authors, Bryan Burrough and John Helyar, provide a detailed account of the events that led up to the LBO and the various players involved in the deal.
Chapter 1: The Meeting
The authors introduce the main players in the RJR Nabisco LBO, including CEO Ross Johnson, investment banker Bruce Wasserstein, and private equity firm Kohlberg Kravis Roberts (KKR). The chapter also sets the stage for the high-stakes bidding war that will ensue.
Chapter 2: The King of the Hill
The authors provide background information on Ross Johnson and his rise to the top of RJR Nabisco. They also discuss the company’s history and the various challenges it faced in the 1980s, including increased competition and declining cigarette sales.
Chapter 3: The Art of the Steal
The authors delve into the world of private equity and leveraged buyouts, explaining the mechanics of how these deals work and the potential risks and rewards involved.
Chapter 4: The First Bids
The bidding war for RJR Nabisco begins, with KKR and Wasserstein Perella making initial offers. The authors detail the tactics used by each side to gain an advantage.
Chapter 5: The Auction
The authors describe the intense auction process that ultimately resulted in KKR winning the bid for RJR Nabisco. They also delve into the various personalities involved, including Johnson and KKR co-founder Henry Kravis.
Chapter 6: The Battle for the Board
After KKR wins the bid, a battle ensues for control of the RJR Nabisco board of directors. The authors detail the various maneuvers used by both sides to gain the upper hand.
Chapter 7: The Endgame
The authors describe the final stages of the RJR Nabisco LBO, including the negotiations with banks and the eventual closing of the deal. They also discuss the aftermath and the impact the deal had on the business world.
Overall, Barbarians at the Gate provides a fascinating look into the world of high-stakes finance and the personalities involved in these types of deals. The authors do an excellent job of explaining the complex financial concepts involved in the LBO while also making the story engaging and accessible to a general audience.

1. “The barbarians were not at the gate. They were already inside the walls.”
2. “The problem with money is that it is never enough.”
3. “The essence of the deal was simple: Ross Johnson would get rich, and everyone else involved would get even richer.”
4. “The irony of the LBO is that it is supposed to create value, but in reality, it often destroys it.”
5. “The greed and ego that drove the deal were as much a part of the 1980s as the big hair and shoulder pads.”
6. “The LBO boom was a time of excess and extravagance, a time when anything seemed possible and nothing was too outrageous.”
7. “The real tragedy of the RJR Nabisco deal was not that it was a failure, but that it was a success.”
8. “The RJR Nabisco deal was a cautionary tale about the dangers of unchecked greed and the consequences of putting profits before people.”

Chapter 1: The Beginning
– Introduces the history of RJR Nabisco and its CEO, Ross Johnson
– Describes the company’s financial struggles and Johnson’s desire to take the company private
– Sets the stage for the upcoming bidding war
Chapter 2: The Players
– Introduces the key players involved in the bidding war, including Henry Kravis, George Roberts, and Ted Forstmann
– Describes their backgrounds and motivations for wanting to acquire RJR Nabisco
Chapter 3: The First Bid
– Details Kravis and Roberts’ initial bid for RJR Nabisco
– Describes the board’s reaction and Johnson’s attempts to increase the bid
Chapter 4: The White Knight
– Introduces Forstmann and his bid for RJR Nabisco as a “white knight” alternative to Kravis and Roberts
– Describes the board’s consideration of Forstmann’s bid and Johnson’s attempts to sabotage it
Chapter 5: The Battle Begins
– Details the start of the bidding war between Kravis and Roberts and Forstmann
– Describes the tactics used by both sides to gain an advantage
Chapter 6: The Art of the Deal
– Details the negotiations between Kravis and Roberts and Forstmann
– Describes the tactics used by both sides to come out on top
Chapter 7: The Endgame
– Details the final stages of the bidding war and the ultimate winner, Kravis and Roberts
– Describes the aftermath and the impact on the business world
Chapter 8: Epilogue
– Provides an update on the key players and their businesses since the RJR Nabisco acquisition
– Reflects on the lessons learned from the bidding war and its impact on the business world.

Practical applications and actionable steps suggested by the book “Barbarians at the Gate” include:
1. Understanding the importance of due diligence: The book highlights the importance of conducting thorough due diligence before making any major business decisions, especially when it comes to mergers and acquisitions. This involves carefully assessing the financial health and potential of the target company, analyzing the market and competition, and identifying any potential risks or roadblocks.
2. Being aware of the dangers of excessive debt: The book also highlights the dangers of taking on excessive debt in order to finance a business deal. While debt can be a useful tool for growth and expansion, it can also be a major liability if not managed properly. The authors suggest that companies should be cautious about taking on too much debt and should have a clear plan for paying it off.
3. Understanding the importance of corporate culture: The book also emphasizes the importance of corporate culture in shaping the success or failure of a business deal. The authors suggest that companies should be mindful of the cultural differences between themselves and the target company, and should work to create a culture that is inclusive, collaborative, and focused on achieving common goals.
4. Learning from the mistakes of others: Finally, the book provides a cautionary tale about the dangers of greed, ego, and short-sightedness in business. By studying the mistakes made by the characters in the book, readers can learn valuable lessons about how to avoid similar pitfalls and make better decisions in their own business dealings.

Barbarians at the Gate is a book that tells the story of the leveraged buyout of RJR Nabisco, one of the largest and most iconic American companies in the 1980s. The book highlights the greed, ambition, and ruthlessness of the corporate world during that era.
One of the main ideas of the book is that the corporate world is driven by the pursuit of wealth and power at any cost. This is exemplified by the actions of the key players in the RJR Nabisco buyout, including the CEO of the company, F. Ross Johnson, and the private equity firms that were bidding for control of the company.
For example, the book describes how Johnson and his team spent millions of dollars on lavish parties, private jets, and other extravagances in an attempt to win the support of shareholders and secure their own positions in the company. The private equity firms, on the other hand, were willing to take on massive amounts of debt in order to finance the buyout, even though it put the future of the company at risk.
Another main idea of the book is that the corporate world is often driven by ego and personal ambition. This is demonstrated by the fierce competition between Johnson and his rival, Henry Kravis, who led one of the private equity firms bidding for RJR Nabisco.
The book describes how Kravis was determined to win the buyout at any cost, even if it meant outbidding Johnson and his team. Kravis was motivated by a desire to prove himself as a successful businessman and to gain the respect and admiration of his peers.
Overall, Barbarians at the Gate paints a vivid picture of the corporate world in the 1980s, showing how it was characterized by greed, ambition, and ruthless competition. The book is a cautionary tale about the dangers of unchecked capitalism and the need for ethical leadership in business.

Barbarians at the Gate is a gripping account of the leveraged buyout of RJR Nabisco in the 1980s. The book provides a detailed look at the personalities and motivations of the key players involved in the deal, as well as the cultural and economic factors that contributed to the rise of the leveraged buyout phenomenon.
Throughout the book, Burrough and Helyar highlight the cutthroat nature of the business world and the lengths to which people will go to achieve their goals. The authors also underscore the importance of due diligence and careful planning in any major business transaction.
Ultimately, Barbarians at the Gate offers a cautionary tale about the dangers of greed and the need for ethical leadership in the corporate world. The book remains a classic in the business genre and a must-read for anyone interested in the history of Wall Street and the world of high finance.

Barbarians at the Gate is a gripping account of the leveraged buyout of RJR Nabisco in the 1980s. Written by Bryan Burrough and John Helyar, the book details the high-stakes battle between two corporate titans, Ross Johnson and Henry Kravis, as they compete to take control of the tobacco and food conglomerate.
Burrough and Helyar masterfully weave together the complex web of financial maneuvers, backroom deals, and personal rivalries that defined the RJR Nabisco buyout. They bring to life the colorful cast of characters involved in the saga, from the brash and charismatic Johnson to the ruthless and calculating Kravis.
But Barbarians at the Gate is more than just a thrilling tale of corporate intrigue. It is also a sobering commentary on the excesses of Wall Street in the 1980s, when greed and ambition often trumped common sense and ethical behavior. The authors shine a light on the questionable practices that fueled the leveraged buyout craze, and the devastating consequences that followed for many workers and communities.
Overall, Barbarians at the Gate is a must-read for anyone interested in business, finance, or the darker side of the American Dream. With its fast-paced narrative and insightful analysis, it remains a classic of business journalism more than three decades after its initial publication.

Overall, Barbarians at the Gate is a captivating and informative read that offers a fascinating insight into the world of high-stakes corporate takeovers. The authors do an excellent job of bringing the characters and events to life, making the book feel more like a thrilling novel than a work of non-fiction.
Additionally, the book provides a valuable lesson about the dangers of greed and the importance of ethical business practices. The story of the RJR Nabisco takeover serves as a cautionary tale about the potential consequences of putting profits above all else.
For anyone interested in finance, business, or corporate history, Barbarians at the Gate is a must-read. It is a well-written and engaging book that offers a unique perspective on one of the most significant corporate events of the 20th century.