Met Life sells equity stake in First Brands, a 1986 lbo. (Metropolitan Life Insurance Co., First Brands Inc., leveraged buyout)

National Underwriter Life & Health-Financial Services Edition, April, 1991 by Crosson, Cynthia

Met Life Sells Equity Stake In First Brands, A 1986 LBO

Metropolitan Life has sold its equity stake in First Brands Corporation, a company it helped to take private during a leveraged buyout in 1986.

Met Life sold 6.3 million shares at close to $24 a share in a public offering, according to company spokesman Tim Ring.

The company would not comment on the original purchase price or the profit made in the sale.

"It was a normal course investment," Mr. Ring said. "First Brands had made significant improvements, and market conditions made the sale appropriate."

First Boston Corporation, acting as the lead investment manager, also sold its stake in First Brands, said First Boston spokeswoman Susan Miller.

The sale is not...

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