ronald perelman yacht

Once one of the richest men in America, billionaire Ron Perelman is now selling his 281-foot mega-yacht – Named after a gossip columnist, the $100 million vessel flaunts monarchial suites, jacuzzi, outdoor cinema, and a beach club.

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• Superyachts

C2 Yacht – Dreamlike $125M Superyacht

Built-in Germany and delivered in 2008, and having only had one owner in her lifetime, the C2 is well-kept and beautifully maintained.

C2 yacht interior

Some of the C2 yacht interior features include a beauty salon, a beautiful glass elevator, and a beach club.

With a total of 15 suits, she is suited to fit plenty of guests. There is a master suite available, with his and her bathroom, and plenty of storage space.

Designed by Reymond Langton Designs , with its warm, muted colors the C2 yacht gives off a modern and luxurious feel.

Rich wooden features are spread throughout the vessel, even in the bathrooms, and to contrast it all there are colorful pieces of artwork hanging on the walls.

Specifications

The C2 yacht measures 85,65 meters (281 ft) in length and was built by Abeking and Rasmussen in Germany. She has a 12,4 meter (40,8 ft) beam and a maximum draft length of 3,45 meters (11,4 ft).

She is powered by twin Caterpillar (3516 DITA) 1,998hp engines and reaches a top speed of 17 knots. The cruising speed is 15 knots.

She can host up to 31 guests in her 15 suits and is able to carry up to 27 crew to help run things smoothly.

The C2 yacht’s sleek navy blue and white exterior was designed by the same company that is behind her interior – Redmond Langton Designs.

There are plenty of lounging areas for any guests that might want to catch some sun and a pool on one of the decks.

Her creators, Abeking & Rasmussen, made her hull out of steel, with an aluminum superstructure. Teak was used for the deck, bringing it all together.

She had a refitting in 2019, where the hull was extended by 8 meters (26,2 ft). Several other updates were put in as well, such as a pool and a tender garage.

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• Abeking & Rasmussen
• Reymond Langton Design
• Ronald Perelman

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“Many, Many States Have Explicitly Rejected Revlon”: With Revlon for Sale, The Hostile Takeover Era Ron Perelman Started Comes To An End

Thirty-four years ago this month, Ron Perelman, then a 42-year-old corporate raider, shocked the Wall Street and corporate establishment by buying Revlon Inc., the cosmetics giant, in a hostile takeover valued at $2.7 billion, including debt. Perelman likely wasn’t keen to use a lot of his own money at the time, and he worked with Mike Milken at the (now defunct) Drexel Burnham Lambert investment bank to raise what he needed to buy Revlon through the then controversial practice of selling junk bonds. Now that Perelman has decided, if he can, to sell Revlon at long last—he slipped a little-reported disclosure this past August into a document filed with the Securities and Exchange Commission and has hired Goldman Sachs—it’s a good moment to reflect on what the Revlon saga has meant for Wall Street’s mergers-and-acquisitions business, and to wonder if it was all worth it for Perelman, whose fortune is now estimated at $8.3 billion.

To be sure, at the time, Perelman’s audacity stunned the staid Revlon and its board of directors and transfixed Wall Street, which for months was consumed by the drama of the tiny, cigar -chomping Perelman going to battle with Milken against the likes of Forstmann Little , an established buyout firm, and Felix Rohatyn, the Lazard kingpin advising Revlon on how to sell to anyone but Perelman. Until the likes of Perelman came along, doing deals on Wall Street was a more genteel affair, where old boys divvied up prized assets among themselves without too many prying eyes questioning who bought what or why. Perelman’s successful bid for Revlon changed the rules of the merger game on Wall Street for the next generation of bankers and boards of directors.

At the time, in 1985, Perelman was one of the nation’s richest people. The grandson of Lithuanian immigrants who grew up in suburban Philadelphia, Perelman parlayed a $1.7 million loan from his first wife—the granddaughter of a wealthy New York banker and real estate mogul—into his massive self-generated wealth. He was said to never—ever—allow others (not even the circle of deal masterminds he employed full time) to share equity in his deals. He owns an art-filled palazzo on East 62nd Street in Manhattan that serves as his corporate headquarters and that is just behind the town house he lives in, on East 63rd Street. He also owns an oceanfront spread in East Hampton that’s rivaled by none, and for years has taken his 257-foot yacht, the C2, down to St. Barts for his birthday/New Year’s bash. He has been married five times, including for six years to actor Ellen Barkin and for one year to Patricia Duff, the political activist.

In the end, Perelman won Revlon by paying the highest price and by winning a landmark court ruling, from the influential Delaware Chancery Court, which effectively decided that once the board of directors had agreed to sell the company, it had to sell to the highest bidder, regardless of whether it would have preferred another buyer. The court’s ruling stripped a large dollop of autonomy that corporate boards had been used to enjoying. In subsequent years, being in “Revlon Mode” became code on Wall Street for a board of directors pretty much always having to sell a company to the highest bidder, assuming the board had not engaged in a strategic merger with another company via a stock-for-stock deal.

Revlon has been a strange journey for Perelman since 1985. He rarely grants interviews and was notorious for using Revlon’s clout to influence journalism about him. Revlon, after all, was once upon a time a very large and important magazine advertiser. (He effectively blocked a profile I wrote about him more than a decade ago for Fortune from being published.) It’s not easy to figure out if he has ever made any money from Revlon, given the number of times he has bought and sold stock, and the various loans his holding company, MacAndrews & Forbes, has made to Revlon over the years, including again this month.

But those who know him best say he has made money from Revlon. (Neither Perelman nor his spokesman would comment, given the ongoing sales process.) What is known is that after he paid $2.7 billion to Revlon in 1985, he turned around and sold the company’s noncosmetics business for $1.4 billion. He’s taken the company public, sold stock, and bought more stock again and again and again. According to the company’s 2019 proxy statement as filed with the Securities and Exchange Commission, Perelman owns about 87% of Revlon’s stock. Revlon’s equity is now worth around $1.2 billion, even though Revlon today is a very different company from the one Perelman bought 34 years ago. His stake is worth around $1 billion. It’s also interesting to note that Perelman named his then 44-year-old daughter Debra to the position of Revlon’s CEO in May 2018.

Another fact is that Perelman’s considerable fortune was not made through his ownership of Revlon. His biggest wins came from selling his television-station group to News Corp. to create what is now the Fox News Channel, and from buying and selling a series of savings and loans, including a big California thrift that he and a few smart investors bought in the 1990s and sold to Citigroup for $5.8 billion.

But what of the Delaware court ruling? Has Revlon Mode, as a legal concept, fared as well as Perelman has in the past 34 years? That’s a question I put to H. Rodgin Cohen, the senior chairman of Sullivan & Cromwell, the prominent Wall Street law firm. Cohen was not involved in the 1985 Revlon battle—few who were are still around—but his is an incisive legal mind, and he has given much thought over the years to what Revlon Mode means these days for corporate boards of directors.

What’s clear, Cohen tells me, is that over the years, corporate boards have clawed back much of the authority that Perelman’s landmark legal victory caused them to lose. The Revlon legal precedent does not apply in stock-for-stock deals, or where the vast majority of the consideration offered to shareholders is stock—as with the pending merger between CBS and Viacom or the completed merger between Disney and Fox, for example—because those can be characterized as strategic imperatives. “That’s not seen as a sale,” Cohen says, “but rather as a ‘continuation.’” It’s also the case these days that most states have “constituency statutes” that give boards of directors considerable latitude in considering the views of a company’s “main constituents,” as well as shareholders, when deciding to whom to sell a company. “Based on those statutes and case law, many, many states have explicitly rejected Revlon,” he says.

Cohen says Revlon Mode applies these days only to a “true sale” of a company, and only in industries that are not heavily regulated—such as financial services, insurance, or telecommunications—or subject to antitrust considerations. In those types of situations, he says, boards of directors are generally entitled to take into consideration not only the price being offered, but also whether regulators or prosecutors might jump in to try to block the sale. “You could take the position, I think, quite reasonably, if it’s reasonably taken, that the regulatory obstacles are such that a $75-a-share offer, which is much more likely accomplishable than an $80-per-share offer, which is less likely—$75 trumps $80,” Cohen explains. “Now, again, at some point the differential is so great that you can’t overcome it.”

Another escape valve for boards of directors over the years has been developed in what is known as a “no-shop provision.” In other words, if a company reaches a sale agreement with a buyer, but does not include any provisions in the legal documents that prevent another bidder from emerging with a higher offer, then boards can get protection from having to sell to the highest bidder or from having to engage in a far-reaching sale process. In this example, another bidder could come along, offer a higher price, and potentially break up the first deal without the board being criticized legally. “Where Revlon comes up a lot,” he says, “is whether you have to shop the company in order to determine the best price reasonably obtainable. The general perception is that you do not, provided that there are no obstacles of significance against somebody coming in over the top.”

In the end, Cohen says, Revlon Mode lives on “only to a very limited extent.” It does not apply in strategic, stock-for-stock mergers. It does not apply where new bidders with higher offers are welcomed in to break up a signed deal. It does not apply in many states, although the majority of companies remain incorporated in Delaware, where the Revlon standards would still apply as long as there aren’t regulatory, antitrust, or financing considerations. It’s also the case, he says, that there just aren’t that many hostile takeovers these days initiated by corporate raiders in the Ron Perelman mode of yesteryear. The merger pendulum has swung such that the junk-bond financed Perelmans of the world are having a hard time competing with corporate or strategic buyers or with the behemoth buyout firms, such as Blackstone, KKR, Carlyle, or TPG, which might as well be corporate buyers given their financial heft.

So we are left with a twist on Revlon. “What is truly still Revlon,” says Cohen, “is if one company is bidding $80 a share, and another one is bidding $75 a share, and management just likes the people at the $75 better, that doesn’t fly.”

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William D. Cohan

William d. cohan is a special correspondent at *vanity fair.*.

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From art worth millions to his 257-foot yacht, billionaire ronald o. perelman is selling almost everything as the pandemic roils his empire.

At an age when most fellow billionaires are kicking back, Perelman, 77, is facing a range of financial challenges.

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