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But the belief on Wall Street is that Morgan under Gleacher is on the way back again. 100 million in 1985, First Boston led the pack with 75, but Morgan tied Goldman Sachs for second place with 73 offers. 897 million has been grabbing a lot of the leveraged buyout business.
1.4-billion acquisition of Avco, aerospace and consumer electronics company, by Textron, a financial and electronics conglomerate. However the Carbide protection was his crowning touch. 9- billion-a-year Union Carbide (FORTUNE, February 3). GAF planned to sell off Carbide’s highly profitable consumer prod- ucts department — Eveready batteries, Prestone antifreeze — at a premium.
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Gleacher’s protection was ingenious. He defeats GAF to the punch by persuading Carbide to sell the consumer department and pay out the proceeds as a handsome dividend to shareholders. Of medium height and powerfully built, Gleacher strolls around Morgan Stanley with his hands on his hips and a no-nonsense look on his face. According to a rival, Gleacher is ”like a steel wall structure” at the bargaining desk. A Marathon runner, he gets the stamina to work 12 hours each day regularly and 20 hours at a stretch on deals, catnapping on his office sofa.
Like most dealmakers, he gets paid well for going without sleep. 3 million a year. He shall be further enriched by the stock offering, but once again he isn’t offering any numbers. Gleacher believes dealmakers should take no for an answer never. Once he phoned Robert Cizik, chief executive of Cooper Industries, a Houston-based machine tool manufacturer, to claim that Cooper buy McGraw Edison, a maker of electrical consumer products. Cizik wasn’t interested. Gleacher persisted.