Back in November, it was reported Samsung was ready to acquire connected car giant Harman. The deal was supposed to be finalized sometime in mid-2017, but according to a new report the merger might not happen after all.
According to Korean Times, Harman shareholders are unhappy with the deal struck by Harman’s CEO and board of directors with Samsung. Apparently, shareholders have filed a lawsuit against Harman boss Dinesh Paliwal and his team with a court in Delaware.
Shareholders led by one Robert Pine claim Harman’s value was greatly depreciated by the deal. That’s an interesting allegation to make considering Samsung agreed to pay a total of $10.51 billion CAD or $147 CAD a share in cash, a premium over Harman’s then share price of $114 CAD. On top of that, Harman executives are accused of failing to look for competing bids.
Harman shareholders appear to be adamant to see that the Samsung deal will never happen. For the merger to go through, at least 50% of investors need to vote in favor.
Sadly for us, this means that the Samsung Galaxy S8 won’t come bundling a Harman-branded dual speaker system like we previously heard in 2016.
We’ll let you know when more info about the Samsung Harman deal once it becomes available.
The post The Samsung and Harman Deal Might Get Blocked By Investors appeared first on Android in Canada Blog.
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