During this same time frame the food industry was going through major restructurings, mergers, and buyouts. Grand Metropolitan a British company that brewed and distributed beer, ale, and larger, began a hostile tender offer for Pillsbury. The $5.2 billion offer from Grand Met was a 53% premium over the Pillsbury's market price. This was about 25 times Pillsbury's net earnings and about four times the book value of the common stock. Another merger that was going on during this same time frame was RJR Nabisco leverage buyout attempt by its management in partnership with Shearson Lehman Hutton. Like Phillip Morris, RJR Nabisco was a tobacco and food company, with brand names such a Winston, Salem cigarettes, Oreo cookies, Ritz crackers, Planters nuts, Del Monte fruit and vegetables and more. The $75 per share buyout offer was a 34% premium over the market price of RJR Nabisco's stock price of $55. 87. The $75 offer was about 16 times RJR Nabisco's 1987 earnings per share. This offer was 3 times the book value of RJR Nabisco's common stock. As you can see the sum of Phillip Morris's bid for Kraft, Grand Metropolitan's bid for Pillsbury and RJR Nabisco leverage buyout attempt by its management totaled over $34 billion. This amount was unprecedented in the history of the food and tobacco industry.