Harman takeover collapses
Published September 24th, 2007
Private equity groups Kohlberg Kravis Roberts (KKR) and Goldman Sachs have pulled out of their $8bn (£4bn) deal to buy US hi-fi firm Harman International.
Harman said KKR and Goldman had blamed a “material adverse change” in its business, which as a result breached the buyout agreement.
The hi-fi firm said in a statement that it did not agree with this finding.
Analysts questioned if KKR and Goldman Sachs could still avoid the deal in light of the higher cost of borrowing.
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