More buyouts expected to unravel amid global credit crunch Jan 3, 2008
With the cost of financing going up, other recent buyouts that have been canceled include those of equipment renter United Rentals Inc and audio equipment maker Harman International Industries Inc.. Other deals could now also falter, experts said. (San Diego Union-Tribune -- Business)
PHH Scraps Sale to GE, Blackstone After Lenders Balk (Update4) Jan 2, 2008
A record $186 billion of private-equity purchases such as the acquisitions of Harman International Industries Inc. and Affiliated Computer Services Inc. collapsed last year, after losses tied to subprime mortgages cut demand for the higher- yielding loans and bonds used to finance buyouts. JPMorgan, Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley have offered discounts of up to 10 percent to clear a backlog of debt after a record $787 billion in leveraged buyouts last year. (Bloomberg)
World's top underwriters: Citigroup and Merrill Lynch Jan 1, 2008
Junk bond issuance suffered as private equity funds found financing tough to obtain, moving to back out of buyouts like the student lender SLM, the audio equipment maker Harman International Industries and the equipment renter United Rentals. Peterson said January was usually a good month for issuance, but with the U.S. Federal Reserve's open market committee not scheduled to meet before Jan. 29-30, "a lot of issuers may wait to see what the Fed does with rates.". (International Herald Tribune -- Business)
United Rentals loses bid to force its own takeover Dec 25, 2007
Kohlberg Kravis Roberts and Goldman Sachs in October abandoned their $8 billion purchase of Harman International Industries. Investors led by J. C. Flowers & Co. walked away from their $25. (International Herald Tribune -- Business Asia)
United Rentals Loses Bid to Force $4 Billion Cerberus Buyout; Shares Slump Dec 23, 2007
Kohlberg Kravis Roberts & Co. and Goldman Sachs Group Inc. in October abandoned their $8 billion purchase of Harman International Industries Inc.. Investors led by J.C. Flowers & Co. walked away from their $25. (Bloomberg -- US)
US company sues buyer who pulled out of a $4bn takeover Nov 21, 2007
Other private equity takeovers that have been abandoned in recent weeks, include deals for hi-fi business Harman International Industries and data management company Acxiom. Cerberus bought US carmaker Chrysler for $10bn at the beginning of August, before the start of the credit crunch towards the end of that month. (BBC News -- Business)
Cerberus tried to revise United Rentals offer Nov 16, 2007
When the private equity buyers walked away from the $8 billion buyout of Harman International Industries Inc, the firms cited a MAC as the reason. Indeed, Harman's financial outlook dropped dramatically and the two sides were able to work out a compromise without a messy legal battle. (ABC News -- Wire)
Providence May Drop Clear Channel Deal Nov 10, 2007
Already, deals for student lender Sallie Mae, audio speaker maker Harman International Industries and footwear retailer Genesco have foundered amid bickering between seller and buyer (or buyers. . (New York Times)
Sallie Mae Rejects Reduced Cash Offer Oct 3, 2007
And two private-equity firms backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc.. . (Atlanta Journal-Constitution -- Business)
Signs of hope for big leverage buyouts Sep 30, 2007
Similarly, speculation that Harman International Industries Inc. might have some financial hardships ahead caused Kohlberg Kravis Roberts and GS Capital Partners to rescind its $8 billion offer. They had offered $120 per share on April 26, and the stock climbed to a 52-week high of $125. (Anchorage Daily News)
Credit Strike Over on Wall Street Sep 28, 2007
General Electric Credit and Blackstone Group's (BX) deal for PHH Corp. (PHH), a vehicle-fleet manager, is still in doubt over debt financing, and the $8 billion acquisition of Harman International Industries Inc. (HAR) by Goldman Sachs Group Inc. (GS) and KKR also could be renegotiated or scrapped. "On the one hand, Harman and PHH," Fraidin said. (SmartMoney)
Group wants out of $25B Sallie Mae deal Sep 27, 2007
And last Friday, two private-equity firms backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc.. A review by Sallie Mae said the new student loan legislation will reduce its "core earnings" net income between 1. (Anchorage Daily News)
Firm backing out of $25 billion Sallie Mae bid Sep 27, 2007
And last Friday, two private-equity firms backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc.. The Flowers firm, in a statement, said the investor partners believe "that the conditions to closing under the merger agreement, if the closing were to occur today, would not be satisfied as a result of changes in the legislative and economic environment. We have told representatives of the Sallie Mae board that we are open to discussing a... (MSNBC -- Business)
Sallie Mae Sale Thrown in Turmoil Sep 27, 2007
And last Friday, two private-equity firms backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc.. Sallie Mae Sale Thrown in Turmoil 1. (ABC News -- Wire)
Deal at risk, buyers warn Sallie Mae Sep 27, 2007
On Friday, the private equity firm Kohlberg Kravis Roberts and the investment bank Goldman Sachs announced that they planned to back out of the $8 billion buyout of Harman International Industries, arguing its business had deteriorated. And on the same day, the footwear retailer Genesco filed a lawsuit in a Tennessee state court in an effort to force a rival retailer, the Finish Line, to complete the $1. (International Herald Tribune)
Investment group balks at $25 billion acquisition of Sallie Mae, open to renegotiate deal Sep 27, 2007
And last Friday, two private-equity firms backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc.. The Flowers firm, in a statement, said the investor partners believe that the conditions to closing under the merger agreement, if the closing were to occur today, would not be satisfied as a result of changes in the legislative and economic environment. (San Diego Union-Tribune -- Business)
First Data loan nears close Sep 24, 2007
NEW YORK/LONDON: Wall Street banks came closer to wrapping up First Data Corp's widely watched buyout loan last Friday, though another large buyout, of audio equipment maker Harman International Industries, appeared to be in jeopardy. The US$26bil First Data deal has been widely watched as an indicator of sentiment in a credit market racked by doubts since a surge in foreclosures hit US home loans. (The Star Online, Malaysia -- Business)
* HSBC set to close its US subprime mortgage unit Sep 23, 2007
The tightening credit conditions have also caused two private equity firms on Friday to back out of their US$8 billion buyout of upscale audio equipment maker Harman International Industries Inc.. Kohlberg Kravis Roberts d Goldman Sachs Group Inc's private equity unit told Harman they are under no obligation to complete the merger because "a material adverse change in Harman's business has occurred," Harman said in a statement. (Taipei Times, Taiwan -- World)
Equity Firms Back Out of Harmon Buyout Sep 23, 2007
com is the Waterloo-Cedar Falls homepage for all local news, sports, entertainment and events happening in the Cedar Valley. Archives (past 14 days). (Waterloo-Cedar Falls Courier)
Stocks finish strong week with more gains Sep 22, 2007
Harman International Industries fell $27. 25, or 24%, to $85 before trading was halted and the maker of upscale audio equipment confirmed reports that two private equity firms backed out of their $8 billion buyout deal. (USA Today -- Money)
Wall St enjoys best week in six months Sep 22, 2007
Shares in Harman International Industries plunged 21. 3 per cent to $85. (FT.com -- Markets)
Local creditors to recoup some funds Sep 22, 2007
Two private equity firms backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc., marking the latest such deal to sour amid tightening global credit conditions. Kohlberg Kravis Roberts & Co. and Goldman Sachs Group Inc.'s private equity unit told the company they are under no obligation to complete the merger because a material adverse change in its business had occurred, Harman said in a statement. (San Diego Union-Tribune -- Business)
Investment bank CFOs say the worst is behind Wall Street Sep 22, 2007
Harman International Industries Inc. said Friday that Kohlberg Kravis Roberts nd GS Capital Partners walked away from their $8. 1 billion (euro5. (The Star Online, Malaysia -- Business)
Invest Against the Headlines Sep 16, 2007
Harman International Industries (NYSE: HAR). 714. (MSNBC -- Business)
iTune tagging unveiled Sep 8, 2007
CURRENT ISSUE HIGHLIGHTS. September 08, 2007 SIDEBAR September 07, 2007. (Scientific American)
iTunes users to tag radio songs for download Sep 8, 2007
The tagging button will be available on HD radios made by Harman International Industries Inc's JBL unit and Polk Audio, recently purchased by Directed Electronics Inc.. Click for related content. (MSNBC -- Technology)
Radio, Apple unveil iTunes tagging Sep 8, 2007
The tagging button will be available on HD radios made by Harman International Industries' JBL unit and Polk Audio, recently purchased by Directed Electronics. A spokeswoman for iBiquity said "several hundred thousand" HD radio receivers have been sold since their launch in 2004. (USA Today -- Tech)
Chrysler, Boots Financing Woes Dim `Golden Era' for Leveraged Buyout Firms Jul 26, 2007
Kravis, who helped create the LBO business in 1976 with his cousin George Roberts, needs to raise money to pay for credit- card-payment processor First Data Corp. of Greenwood Village, Colorado, and Harman International Industries Inc., the Washington-based maker of Harman Kardon speakers. Gross, Dimon. (Bloomberg)
Private equity offering semi-private deals to win over shareholders Jun 2, 2007
A similar deal was reached in April for sound equipment maker Harman International Industries Inc.. Such deal structures are more common in Europe, but in the United States, where private equity pays a premium partly to avoid dealing with public shareholders, the use of so-called stub equity remains rare. (San Diego Union-Tribune -- Business)
Clear Channel board accepts raised offer from private equity firms May 20, 2007
Two weeks ago, Kohlberg Kravis Roberts & Co. and GS Capital Partners made a similar shareholder concession in their bid for upscale audio equipment maker Harman International Industries Inc.. But Lawrence Hamermesh, a law professor at Widener University's School of Law in Delaware, said it's unlikely such offers will become commonplace. (San Diego Union-Tribune -- Business)
Sweeter bid wins Clear Channel May 19, 2007
Two weeks ago, Kohlberg Kravis Roberts & Co. and GS Capital Partners made a similar concession in their bid for upscale audio equipment maker Harman International Industries Inc.. Clear Channel, the nation's largest radio-station operator, owns, operates, programs, or sells airtime for nearly 1,200 radio stations and has equity interests in 240 international stations. (Sunspot.net -- Business)
Harman Options Trading Surged Before Acquisition Announcement Apr 27, 2007
April 26 (Bloomberg) -- Trading in options to buy shares of Harman International Industries Inc. surged 19-fold a week before the maker of Harman Kardon and JBL audio equipment agreed today to be acquired by Kohlberg Kravis Roberts & Co. and Goldman Sachs Group Inc.. The number of call-option contracts traded in Harman jumped on April 18 to 11,274, the highest in almost three months. (Bloomberg)
Harman Int'l to be bought for about $8 billion Apr 27, 2007
Harman stockholders would receive $120 in cash for each share of Harman they own. That marks a 17 percent premium over Harman's closing stock price on Wednesday. (ABC News -- Wire)
$8B offered for Harman Industries Apr 27, 2007
The company will continue to be named Harman International Industries, and Sidney Harman, who founded the company 50 years ago, will remain executive chairman. Completion of the transaction, which is expected to occur in the third quarter, is subject to government regulatory and Harman stockholder approvals. (Newsday -- Business)
Harman Holders Offered Piece of LBO Apr 27, 2007
NEW YORK -(Dow Jones)- Harman International Industries Inc. (HAR) agreed Thursday to be acquired by two private equity interests for $7. 8 billion, in a deal with the unusual twist of allowing current investors to exchange their shares for an equity stake in the new, private company. (SmartMoney)
Harman to Be Acquired by KKR and Goldman Sachs Apr 27, 2007
But the $8 billion buyout for Harman International Industries, the maker of JBL speakers and Harman Kardon home theater systems, may prove the most groundbreaking. The buyers, Kohlberg Kravis Roberts and Goldman Sachs, have offered Harman shareholders a chance to retain a stake in the newly private company and share in any profit made if the company is later sold or taken public. (Shoals TimesDaily)
Another day, another record for Dow Apr 27, 2007
Harman International Industries, which makes audio equipment, agreed to be taken private in an $8 billion deal. The company, which also said its fiscal third-quarter profit rose 11%, jumped $19. (USA Today -- Money)
Harman Deal Makes a Big Noise Apr 27, 2007
26 that their affiliates are planning to buy the audio equipment maker Harman International Industries, Inc. () for $8 billion. It's the private equity firms' latest deal in a market that has been on the rampage. (BusinessWeek)
A Career Gets Juiced Feb 27, 2007
After college the Illinois-born son of two auto workers became a marketing executive for consumer-electronics company Harman International Industries Inc. ( ). He started his MBA expecting to become an investment banker. (BusinessWeek)
