Part 2: Chapter 9, Pantry Pride - Revlon: The Crucial Campaign Summary and Analysis

Ronald Perelman acquired control of Pantry Pride, a supermarket chain, in June, 1985, just as the company emerged from bankruptcy. Perelman was targeting Revlon and was planning to use Pantry Pride and its income sheltering tax loss to acquire Revlon. Perelman was in the penthouse of Michael Bergerac, the Revlon chairman and CEO telling him about his latest acquisition of Pantry Pride and his dreams of owning Revlon, which wasn't for sale according to Bergerac.

Bergerac had worked at ITT before coming to Revlon in 1974 where he helped negotiate the acquisitions and mergers that grew the big conglomerate. He also ran the company's European operations before being hired by Charles Revson before his death. Revlon was attracting raiders and not just Perelman since the company's stock...