Harman International (HAR) said that Goldman Sachs (GS) and KKR have walked away from an $8 billion private equity deal to buy the company. The buy-out interests say that Harman had undergone a "material adverse change" allowing the firms to kill the agreement.
Reuters writes the "Harman bail-out appears to be centered on the financial conditions of the company itself, and marks the first time in a two-year private equity acquisition frenzy that buyers walked out of a major deal."
It would appear likely, at this point, that Harman will file a lawsuit challenging the move by Goldman and KKR.
Douglas A. McIntyre
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Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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