Harman Buyout Dead?
NORTHRIDGE, CA — Harman International’s $8 billion buyout appears to have died Friday afternoon as private equity firms Kohlberg Kravis Roberts & Co. and Goldman Sachs Group Inc. claimed a “material adverse change” and announced their intention to back out of the deal. The move caused Harman stock to plummet. Harman stock peaked at 122 in late April on news of the buyout and was running at about 112 on Friday before news of KKR/GS intentions hit. At press time it was running 80 after starting the day at 78 — a drop of 36% since Friday.
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