One of the shareholders Harman intends to vote against the deal with Samsung
Last month we learned that Samsung is buying the company Harman for $ 8 billion. This will allow the Korean giant to play in the automotive segment due to the already known brand.
It turned out that not all this deal seems like a good idea. Despite the fact that it was approved by the Board of Directors of Harman, Alexander Roper (Alexander Roepers) who is a shareholder of this company and owns 2.3% of its shares, announced his intention to vote against the deal with Samsung.
The reason in this case is not in the interests of Ropers, but simply that he believed $ 8 billion is not large enough sum for the company. Recall, Samsung has offered for Harman for $ 112 per share, which at the moment is 28% higher than the cost of securities of the company. Now the stock is trading for $ 110, which indicates the investors ‘ confidence in the positive outcome of the transaction.
However, Roper believes that the plan for the development of Harman, which was announced in August, could cause the value of shares would have increased to $ 200. One of the reasons for his confidence is that in April of last year, the shares were worth $ 145, but the price fell only because of the analysts ‘ opinions regarding the slowdown in the automotive market and China’s economy.
It also became known that in December of last year someone suggested for Harman at $ 115 per share, but the subsequent decline in the value of securities of both companies led to the failure of the transaction. Unfortunately, the source didn’t know who was the potential buyer.
Anyway, Ropers little chance to derail the deal, given the situation at the moment.