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Ronald O. Perelman is the hostile raider, who announces a bid for Salomon stock to put it "in play." He is financed by Drexel Burnham. Milken backs Perelman's cosmetic company Revlon to raid Salomon. Michael and Dash think Perelman may turn Salomon into a business rather than John Gutfreund's global empire.

Source(s)

Liar's Poker: Rising Through the Wreckage on Wall Street