Harman shareholders to vote on Samsung merger on February 17
Samsung Electronics announced the $8 billion acquisition of Harman International back in November. Sadly, although the value per share to be paid by Samsung in cash represents 28 percent more than November 11's closing price, some minority shareholders think this is not enough.
More than just voicing their concerns about the alleged low price, some shareholders went as far as filing lawsuits against Harman's CEO. Earlier today, industry insiders familiar with this matter who spoke to The Investor revealed that a vote on the audio giant's integration with Samsung is scheduled to take place on February 17.
To successfully complete the vote, 50 percent or more of the shareholders should be for the deal. Once this step is over, all shareholders are required to sell their stakes in Harmann for the $112 USD per share price tag. According to a Harman spokesperson, "The feedback regarding the transaction has been very positive, and this transaction will deliver compelling and immediate value to shareholders at a 37 percent all-cash premium."
The Samsung-Harmann deal is expected to finally close later this year, most likely by the end of the summer.