Harman shareholders approve the deal with Samsung
Samsung will soon gain control of more than just Harman's automotive business, since acquiring the company will also give them control of the well-known premium audio brands such as Harman Kardon, JBL, or Bang & Olufsen. Now, the shareholders' opposition is finally behind and the deal can move on.
Not long ago, some Harman shareholders filed a lawsuit against the company's CEO because they considered the selling price to be lower than the company was worth. Now, the majority has decided - according to a regulatory filing with the US Securities and Exchange Commission, over 70 percent of the company's common shares (49,460,322 out of 69,883,605) were represented at the recent meeting. The results of the vote are these - 46,921,832 in favor, 2,107,178 against the acquisition, and 431,312 abstentions.
The next approvals needed for the deal to finally close will come from the antitrust authorities in the US, South Korea, China, and the EU. If everything goes as planned, Harman should become a part of Samsung by the third quarter of 2017.