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
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
