Harman Shareholders Approve Acquisition Offer By Samsung

Posted: Feb 20 2017, 8:54am CST | by , in News | Technology News

 

Harman shareholders approve acquisition offer by Samsung
 

Harman met with an offer by Samsung this year. The offer was to buy the prestigious car infotainment company for $8 billion. Samsung is taking step to expand into the automotive industry and acquiring Harman is its first step.

Harman is an infotainment components manufacturer, a prestigious company which competes with high rollers JBL, AKG, Bang & Olufsen, and Airbus. The company has a very valuable clientele including Mercedes, Tesla, Porsche and Jaguar.

The deal by Samsung was spontaneously approved by the board of director but shareholders had a conflict with the offer, shareholders of 30% of the 69.8 million shares believed that Harman is worth more than $8 Billion offered by Samsung.

Finally, a vote was taken and 70% of the shareholders spoke in favor, hence the deal will now move on to next stage. The tension may not be over yet, Samsung will now have to face antitrust authorities of USA, South Korea, China, and the European Union.

Reports claim that the company looks to get the deal done by the end of Q3 2017, and it may very well be possible. If all goes well we might see Harman speakers on Galaxy S8 too.

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The Author

<a href="/latest_stories/all/all/32" rel="author">Ahmed Humayun</a>
Ahmed Humayun is a technology journalist bringing you the hottest tech stories of the day.

 

 

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