Ronald Perelman Receives $750 Million Drexel Blind Pool for Corporate Acquisitions

In 1985, Michael Milken of Drexel Burnham Lambert raised a $750 million blind pool for Ronald Perelman, providing him with unprecedented acquisition firepower. This innovative financial mechanism allowed Perelman to execute hostile corporate takeovers, most notably the acquisition of Revlon. The blind pool represented a pivotal moment in 1980s corporate finance, demonstrating how Milken’s junk bond financing revolutionized corporate acquisitions and empowered corporate raiders. Through this financial innovation, Drexel financed some of the most significant corporate transformations of the decade, with Perelman’s deal being a prime example of their disruptive approach to capital markets.