Samsung

Harman shareholders file class action suit to oppose Samsung acquisition deal

by Milen Yanachkov / Jan 13, 2017, 8:43 AM

Harman shareholders file class action suit to oppose Samsung acquisition deal

Last November, Samsung Electronics announced it would acquire US-based automotive and audio system maker Harman International for $8 billion. Samsung intends to tap into Harman's automotive business and incorporate its high-end audio solutions in future products.

However, Harman shareholders have now filed a class action lawsuit against the company's CEO and board, in a bid to deter the finalization of the deal. According to the shareholders, Harman International's value has been greatly depreciated, thus resulting in a an inadequate and flawed merger deal.

The lawsuit alleges that Harman CEO Dinesh Paliwal and the board of the company did not act in good faith in striking the deal with Samsung. The shareholders will try to exercise their right to vote against the merger in a bid to stop the finalization of the $8 billion deal no later than November of this year.

If the deal falls through and relations between the two companies go sour, we may never see a Samsung flagship smartphone with Harman's high-end audio tech built-in.

source: Korea Times via ZDNet

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38 Comments

1. DoggyDangerous

Posts: 1028; Member since: Aug 28, 2015

It will be very sad to see a flagship without harman kardon audio. I hope that share holders will stop opposing the deal.

posted on Jan 13, 2017, 9:02 AM 1

5. Mxyzptlk unregistered

Don't need Samsung stealing more companies.

posted on Jan 13, 2017, 9:40 AM 6

6. John-Knotts

Posts: 380; Member since: Feb 28, 2015

Stupid comment of the day

posted on Jan 13, 2017, 9:42 AM 27

14. tedkord

Posts: 17357; Member since: Jun 17, 2009

You'll get one most days from him.

posted on Jan 13, 2017, 12:56 PM 14

18. Mxyzptlk unregistered

Pot, kindly meet the kettle.

posted on Jan 13, 2017, 3:46 PM 1

19. Mxyzptlk unregistered

Pointless comment of the day. Week. Month. Year. Decade. Century. I can keep on unless you want to stop before I embarrass you.

posted on Jan 13, 2017, 3:47 PM 1

28. BlackhawkFlys

Posts: 914; Member since: May 07, 2014

Don't mind him. She is just a jealous woman....

posted on Jan 14, 2017, 1:37 AM 0

29. BlackhawkFlys

She is just a jealous woman

posted on Jan 14, 2017, 1:39 AM 0

7. maherk

Posts: 6878; Member since: Feb 10, 2012

I guess someone stole your brain

posted on Jan 13, 2017, 9:43 AM 14

20. Mxyzptlk unregistered

Well you've never had a brain to steal, majerk.

posted on Jan 13, 2017, 3:48 PM 2

8. sissy246

Posts: 7112; Member since: Mar 04, 2015

LMAO I have to say, at least you give us a good laugh with you dumb comments.

posted on Jan 13, 2017, 10:55 AM 12

21. Mxyzptlk unregistered

Your bad Engrish gives me a great laugh.

posted on Jan 13, 2017, 3:49 PM 1

23. maherk

Engrish? How ironic lol

posted on Jan 13, 2017, 4:32 PM 8

26. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

He'll keep coming back, he's PA's biggest masochist.

posted on Jan 13, 2017, 7:47 PM 4

33. Mxyzptlk unregistered

http://www.engrish.com

posted on Jan 14, 2017, 11:25 AM 0

25. NoToFanboys

Gret laugh? So everyone who are bad at english because it's not their native language are laughable? Wow, you really are an idiot.

posted on Jan 13, 2017, 7:46 PM 3

34. Mxyzptlk unregistered

Butthurt detected. Go back to being meanest's jockrider.

posted on Jan 14, 2017, 11:26 AM 0

37. NoToFanboys

Lol you just detected yourself. Go back being Tim Cook's and Unordinary's dog.

posted on Jan 14, 2017, 3:25 PM 2

11. Subie

Posts: 2364; Member since: Aug 01, 2015

They could still partner with Harman if they really wanted to. TCL puts JBL speaker tech into some of their phones, and JBL is owned by Harman. Where there's a will there's a way...

posted on Jan 13, 2017, 11:37 AM 5

27. Leo_MC

Posts: 7432; Member since: Dec 02, 2011

There is absolutely no flagship that has a HK sound system; how is this sad?

posted on Jan 14, 2017, 1:26 AM 1

30. trojan_horse

Posts: 5868; Member since: May 06, 2016

"There is absolutely no flagship that has a HK sound system" There's the HTC One M8 Harman Kardon edition!

posted on Jan 14, 2017, 9:28 AM 1

32. Leo_MC

My bad (although M8 is 3 years old, hence irrelevant).

posted on Jan 14, 2017, 10:18 AM 1

2. emcdonald75

Posts: 160; Member since: Nov 07, 2012

What do they want? More money?

posted on Jan 13, 2017, 9:06 AM 7

3. sissy246

Yep What the company is really worth I don't know, but if I was a share

posted on Jan 13, 2017, 9:24 AM 3

4. sissy246

Oops hit post on accident. If I was a share holder I would want as much as I could get.

posted on Jan 13, 2017, 9:26 AM 6

9. combatmedic870

Posts: 984; Member since: Sep 02, 2015

Harmon is a very large company. They also own JBL and infinity on top of being harmon Kardon. So they make alot of auto makers higher end audio. Bmw, Mercedes, Volvo, subaru , Dodge, Jeep, Kia, mini and Chrysler. Then home entertainment systems, headphones and all of that good stuff.

posted on Jan 13, 2017, 10:58 AM 0

10. combatmedic870

On top of that, they seem to be the only audio manufacturer to make 2 ohm loud speakers. Great stuff. I'm currently personally running jbl gtos in my car. I hope they don't get bought out.

posted on Jan 13, 2017, 11:03 AM 0

12. QWIKSTRIKE

Posts: 1459; Member since: Mar 09, 2010

The shareholders just wanted more money..... They do this to try to drive share prices up. Just the big premium investors like the ones that sit on the board............ If I were Samsung I pull the rug and watch the stock tank to pre news prices.

posted on Jan 13, 2017, 12:03 PM 5

13. zunaidahmed

Posts: 1183; Member since: Dec 24, 2011

Samsung will ruin HK imo, it's better if they are independent, I don't want a mid/higher end sound system company sunddenly become "sale as much cheap s**t you can" type of company.