Harman Acquisition Moves Forward - ProSoundNetwork.com

Harman Acquisition Moves Forward

Harman International Industries stockholders have approved the merger of the company with South Korea-based Samsung Electronics, according to a filing with the U.S. Securities and Exchange Commission (SEC).
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Washington, DC (March 3, 2017)—Harman International Industries stockholders have approved the merger of the company with South Korea-based Samsung Electronics, according to a filing with the U.S. Securities and Exchange Commission (SEC).

As previously reported by Pro Sound News, Samsung Electronics announced its intent on November 14, 2016 to acquire Harman International for $8 billion, principally for the latter’s connected car technologies and business. Adoption of the merger agreement was dependent on an affirmative vote from a majority of the holders of common stock outstanding on January 10, 2017.

The SEC Form 8-K report, filed February 17, 2017, states that “a total of 49,460,322 shares of the Company’s common stock were present or represented by proxy at the meeting, representing 70.78% of the shares of common stock outstanding as of the record date.” The vote was 46.9 million for the merger agreement and 2.1 million against, with 431,312 abstentions.

The Committee on Foreign Investment in the United States has already approved the merger, which has still to obtain certain regulatory approvals in China, the European Union, the Republic of Korea and South Africa, according to the report.

Harman’s SEC filing further states that “the parties continue to expect the Merger to close by mid-2017.”

Harman International
www.harman.com

Samsung Electronics
http://www.samsung.com