On August 8, 1987, Reginald Lewis, an African American businessman, acquired Beatrice Foods Company for $985 million. This acquisition was one of the largest leveraged buyouts (LBO) of its time and made Lewis one of the most prominent African American entrepreneurs. Through this deal, Lewis gained control of a major food conglomerate and transformed it into a highly successful global business under the name TLC Beatrice International Holdings. This achievement marked a significant milestone in both the history of African American business and the world of corporate mergers and acquisitions.
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