Harman shareholders vote in favour of acquisition by Samsung
WORLD: Business Korea is reporting that Harman International shareholders have voted in favour of the company’s acquisition by Samsung. This follows recent news of a class-action lawsuit filed by a group of Harman shareholders, claiming that it had ‘failed to seek a better offer’.
Harman International’s regulatory filing with the US Securities and Exchange Commission states that 70.8 per cent (49.5 million) of the 69.9 million common stocks were represented during the vote, which took place on Friday, with the merger approved by 94 per cent (46.9 million) of the shareholders represented. With this potential roadblock overcome, for the acquisition to be finalised, regulatory approval will need to be granted in Korea, the USA, China and Europe.
Another obstacle that could derail the deal, according to the Korea Joongang Daily, is the arrest of Samsung Electronics’ vice chairman Lee Jae-yong last week. Mr Lee was arrested on bribery charges and the first court ruling is expected as early as April.
Should the acquisition be finalised later this year, it will be worth US$8 billion, the largest merger for any Korean company with another from overseas. It will also mark the biggest acquisition for Samsung to date.