Samsung Electronics announced a couple of months ago that it was going to acquire Harman International for $8 billion. The acquisition is contingent on Harman winning shareholder approval and some of its minority shareholders have voiced concerns about the price being too low, some have even filed lawsuits against the company’s CEO. According to a new report, Harman International shareholders are going to vote on this merger later this week, February 17 to be precise, and the merger will only go through if 50 percent or more of the shareholders vote in its favor.
Samsung announced this deal back in November. It’s going to pay $112 per share in cash to Harman which represents a 28 percent premium on the closing price of November 11. It’s also a 37 percent premium on Harman’s 30-day volume weighted average. Even though minority shareholders have voiced their concerns, Harman doesn’t expect to see serious opposition during the vote. The company said last year that the deal is on track for a mid-2017 close.
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