An investor in NYSE:HAR shares filed a lawsuit in effort to halt the proposed takeover of Harman International Industries Inc. by Samsung Electronics for $112 per share.
Investors who purchased shares of Harman International Industries Inc (NYSE:HAR) and currently hold any of those NYSE:HAR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:HAR stockholders by agreeing to sell Harman International Industries Inc too cheaply via an unfair process to Samsung Electronics.
On November 14, 2016, Samsung Electronics (KRX: 005930) and Harman International Industries Inc (NYSE:HAR) announced that they have entered into an agreement under which Samsung Electronics will acquire Harman International Industries Inc (NYSE:HAR) for $112.00 per share in cash, or total equity value of approximately $8.0 billion.
However, plaintiff claims that the proposed consideration NYSE:HAR shareholders will receive is grossly inadequate and undervalues Harman International Industries Inc. Shares of Harman International Industries Inc (NYSE:HAR) reached as high as $145.10 per share in April 2015. Harman International Industries Inc reported that its Total Revenue rose from over $6.15 billion for the 12 months period that ended on June 30, 2015 to over $6.91 billion for the 12 months period that ended on June 30, 2016 and that its Net Income for those respective time periods increased from $342.68 million to $361.73 million. In addition, the plaintiff alleges that the process is also unfair NYSE:HAR stockholders.
On January 18, 2017, NYSE:HAR shares closed at $110.70 per share.
Those who are current investors in NYSE:HAR shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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