Harman stockholders agree to $8 billion purchase by Samsung

Harman stockholders agree to $8 billion purchase by Samsung
Stockholders of Harman International voted to allow the purchase of the company by tech giant Samsung for $8 billion. The deal was originally announced on November 14th. While access to Harman's automotive business is part of the reason for the acquisition, the deal also gives Samsung's mobile devices the ability to offer built-in premium audio names like Harmanm Kardon, JBL, Bang & Olufsen and more.        

Out of a total 69,883,605 outstanding shares, 49,460,322 (70.8%) were eligible to vote at the stockholder's meeting. Some attended the meeting while others sent in their proxies. The final count saw 46,921,832 shares voted in favor of the deal, and 2,107,178 shares against. 431,312 abstentions were counted. The vote count in favor of the deal came after some Harman stockholders filed a class action suit against the transaction, claiming that Harman didn't seek higher bids after receiving the Samsung offer.

Harman hopes to have the deal completed by this year's third quarter based on receiving antitrust approval in various countries. If the transaction does receive all necessary approvals, it will be the largest overseas acquisition ever completed by a Korean company. Speaking of which, regulatory approval is still sought by the U.S., the EU, China and Korea. In the EU and China, certain antitrust restrictions could be demanded by government agencies in exchange for the deal's approval.

source: KoreaHerald

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52 Comments

1. Tabby_Tiger

Posts: 305; Member since: Jan 23, 2017

Apple bought Beats for 3 billion but still includes normal earpods that fall out of your ears with their iPhones. Let's see if Samsung's 8 billion purchase yields better results.

2. Finalflash

Posts: 4063; Member since: Jul 23, 2013

Well beats was garbage products wise, they just bought it for the brand, which fits in with Apple's current philosophy. Samsung has always tried to copy them and this is along the same lines, but more premium brand wise.

34. tedkord

Posts: 17463; Member since: Jun 17, 2009

Just stop. It's embarrassing at this point when people sit there and try to make the case that Samsung is the one copy and after the last couple of years.

40. Finalflash

Posts: 4063; Member since: Jul 23, 2013

The last couple of years kind of proved it a bit. They tried going all Apple with the Galaxy S6 by reducing the battery, removing water proofing, making the device super thin, removing removable storage, etc. It backfired and then they made the S7, which literally just brought those things back and became the best phone of 2016. They copy things from Apple all the time without actually thinking it through and its sad to watch.

46. TerryTerius unregistered

Samsung was one of the last OEM's to get rid of removable batteries, they had it for years before they ditched it. The majority of android manufacturers had already gotten rid of removable batteries before the S6 came out. I don't really buy that argument at all. So... iPhones did not have water resistance until the 7 came out. Samsung didn't have waterproofing till the S5, removed it with the S6, and reintroduced it with the S7 which was out half a year before the iPhone 7… And you still say that is somehow copying Apple. What? How can they copy a feature that apple didn't have to begin with? I'm not saying that Samsung hasn't made the same decisions as Apple before, but it is really a stretch to say everything that they do is copying Apple.

48. Finalflash

Posts: 4063; Member since: Jul 23, 2013

The battery didn't just become non-removable, it went from 2800 mah to 2600 mah. Waterproofing also took a hit from that push for thinness as well as removable storage. It isn't specific removals but the act of removing practical features for the sake of useless aesthetics like thinness that is Apple-esque.

49. kiko007

Posts: 7520; Member since: Feb 17, 2016

So.....you're basing such a half-assed assessment off of one cycle of minor occurrences?

51. trojan_horse

Posts: 5868; Member since: May 06, 2016

@Finalflash, what the heck, man? My comprehension is this: Samsung made the Galaxy S5 with all them bells and whistles, including removable battery and SD Card slot, along with a battery capacity close enough to 3000mAh... But did all that pay off? NO. The S5 flopped and it failed to repeat the S4's success... In fact, the S5 was bashed as being ugly and bulky with cheap plastic build. So, in an attempt to revive sales, Samsung listened to those critics and decided to change things in the Galaxy S6, like reducing battery capacity for slimnest, getting rid of SD card and removable battery for aesthetic purposes, but the S6 didn't do well in sales too, so Samsung later brought back SD Card and bigger battery capacity in the S7. I do not see that as copying Apple. No way that's copying Apple. Apple who never had those features before the iPhone 7. Heck, my guess is if the S5 had done as good as the S4 in sales, Samsung probably wouldn't have gotten rid of any feature the S5 had, when making the S6. Come on!

53. xfire99

Posts: 1207; Member since: Mar 14, 2012

Apple bought Beats for it music streaming service and not for the overprices headphones.

3. Mxyzptlk unregistered

Irrelevant and pointless.

10. Z.....

Posts: 355; Member since: Feb 01, 2017

Do explain and why is that?

41. ibend

Posts: 6747; Member since: Sep 30, 2014

because it hurt him

12. BobbyDigital

Posts: 2125; Member since: May 29, 2014

Are you talking about the article or yourself troll?

33. Mxyzptlk unregistered

No, DigitalJedi_X2, I'm not talking about you. Maybe if you had any form of reading comprehension, you would see who I am talking to. Now go back to being MG lapdog.

45. BobbyDigital

Posts: 2125; Member since: May 29, 2014

But you are talking about yourself Jake.Lee. Everyone here knows it. And I would tell you to go back to being Darrk's jock strap carrier but he doesn't like your trolling @ss too much anymore now does he? Do you need some salve to sooth that burn from Darrk not associating with you anymore? Lmao!

52. Mxyzptlk unregistered

Lol, I'm sorry, was I supposed to expose your secret identity, DigitalJedi_X2? You can pull the same bs your lapdog meanest pulls, but it won't make it any truer. But this is funny right here: http://www.phonearena.com/news/BlackBerry-re-enters-the-South-Korean-market-armed-with-the-530-Priv_id85633 Don't think I've forgotten about your little girly fight, DigitalJedi_X2.

54. BobbyDigital

Posts: 2125; Member since: May 29, 2014

Touched a nerve have I? Mad because your imagined love affair with Darrk is over? Mad because he rejected your advances? He is a married man after all Michelle. We've exposed your little double account long ago Jake.Lee. You were also that clown BobbyBuster. And you still have one or two other accounts you use on here. Which is lame.

55. Mxyzptlk unregistered

What are you babbling about DigitalJedi_X2? Like I said before stick to jock riding MG/Alphageek. Proof please.

56. BobbyDigital

Posts: 2125; Member since: May 29, 2014

I don't jock ride. That's you with your unrequited love for Darrk. You also have a serious school girl crush on MG. It's creepy as hell.

37. T.Law

Posts: 423; Member since: May 10, 2014

That'd be your comment.

4. rd_nest

Posts: 1656; Member since: Jun 06, 2010

Apples to orange comparison. Harman's main portfolio consist of components and developing software for auto manufacturers. 65% of their revenue came from auto market. Audio is not the main focus here. This deal was aimed mainly at auto market, not at consumer audio section. Consumer audio will definitely benefit for Samsung, but more as a secondary incentive.

5. VasiliS7

Posts: 203; Member since: Jan 10, 2017

You absolutely right.

6. SPASE

Posts: 261; Member since: May 03, 2013

I'll tell you who Harmen is,,, AKG Acoustics, AMX,Crown Audio, Harman/Kardon, Infinity, JBL, Lexicon,

16. piyath

Posts: 2445; Member since: Mar 23, 2012

Sony, Sonos and Bose are the main players in home entertainment industry in sounds. Beats is the number 1 in headphones industry as of now.

22. VZWuser76

Posts: 4974; Member since: Mar 04, 2010

So. Crown is one of the big players in the commercial sound industry, Harman Kardon and Infinity are two names that have been right at the top in high end home and car audio system for decades. As for Bose, when I did pro sound installations we had a saying "No highs, no lows, must be Bose".

39. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

In terms of sales and popularity that is. In terms of quality? Beats are absolute crap

42. ibend

Posts: 6747; Member since: Sep 30, 2014

just like all apple products

44. Ninetysix

Posts: 2965; Member since: Oct 08, 2012

47. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

I wouldn't say that.

43. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

Most of what is sold vy them is Professional lwvel audio products. I orderws a lot of Crown amps for a cuatomwe for thr past 4 years. Their 70v amps are ppwerful. I dont like B&O, but rhat is who HP replaced Neat with. Sound crystal clear! No bass though....ARGH!!!!

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