Shearson Lehman Hutton Inc. and Salomon Inc....

Shearson Lehman Hutton Inc. and Salomon Inc. admitted defeat in the biggest corporate takeover battle in history, announcing they were officially withdrawing their $25.4-billion offer for RJR Nabisco Inc. The two companies were allied with a Nabisco management group led by Nabisco Chief Executive F. Ross Johnson, but lost out to a $24.7-billion offer from leveraged buyout specialists Kohlberg Kravis Roberts & Co.