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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (582)	1/9/2005 10:45:01 PM
From: richardred	Respond to of 7253

Besides Warren, Some might remember this guy John Kluge. Some consider in Mr Buffett's league. I remember him all to well. He had a liking for steak. Multibillionaire John Kulge went into the restaurant business. His experience shows that even business geniuses aren't infallible. IN SEPTEMBER 1989 multibillionaire John Kluge arrived at the Opryland Hotel in Nashville, Tenn. This was no pilgrimage to the home of country music. Kluge, the chairman of Metromedia Co., was there on business. Gathered at the Opryland were operators of over 400 franchises of the Bonanza steak house chain. The restaurants had been doing fine, but rumors about a takeover were flying. Not to worry, Kluge soothed them. He was the buyer and had big plans. He already owned the rival Ponderosa chain, and they would be part of a vast steak house chain that would have sales of $3 billion by 1990. Recalls one franchisee who heard the speech by the former cellular telephone and TV mogul: "He [Kluge] said, 'We're going to make you wealthy and take the restaurant industry from the dark ages into today with computers.'" ...