SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

Harman International merger with Samsung Electronics approved by shareholders

Business
By 

Last updated: February 19th, 2017 at 16:02 UTC+02:00

Samsung Electronics announced in November last year that it had decided to acquire Harman International for $8 billion. This acquisition gives Samsung access to Harman’s automotive business as well as its premium audio brands which include Bang & Olufsen, Harman Kardon, JBL, and more. There was some pushback from minority investors who felt that the price was too low. Some even filed a lawsuit against Harman’s CEO for deciding to sell the company at a price that they perceived to be lower than what the company was actually worth.

However, despite those concerns and the troubles that Samsung is going through these days, Harman International shareholders have voted in favor of the acquisition. This means that a major hurdle is now out of Samsung’s way as it seeks to close this deal in the coming months.

A regulatory filing with the US Securities and Exchange Commission confirms that 70.78 percent of Harman’s common shares – 49,460,322 out of 69,883,605 shares – were represented at the shareholders meeting either in person or through proxies. 46,921,832 shares were in favor of the acquisition, 2,107,178 against with 431,312 abstentions.

With the shareholder approval now out of the way, the acquisition now requires an approval by antitrust authorities in the United States, South Korea, China and the European Union. Samsung plans on closing this deal by the third quarter this year.

Business Harman InternationalSamsung Electronics
Load 4 comments

You might also like

Samsung lost seven places in terms of global market cap since 2021

According to a recent report by London-based accounting firm PWC, Samsung Electronics has the world’s 22 …

  • By Mihai Matei
  • 8 mins ago

Samsung halts component orders amid fears of oversupply and global inf …

Samsung Electronics is reportedly reevaluating supply and demand amid concerns over global inflation levels. T …

  • By Mihai Matei
  • 1 week ago

Japanese airline reminds us that a Galaxy Z global rebranding is due

Japanese airline Zipair is removing the “Z” logo from the side of its planes to avoid being associ …

  • By Mihai Matei
  • 1 week ago

Samsung leads smartphone shipments in Europe as the market hits new lo …

The European smartphone market suffered a setback in the first quarter of the year, and Samsung also experienc …

  • By Mihai Matei
  • 1 week ago

Samsung to relocate 300 workers from closed TV LCD division to chip un …

According to insider sources, Samsung is planning to move around 300 workers from its now-closed TV LCD panel …

  • By Sagar Naresh
  • 1 week ago

Samsung Electronics’ stock price has reached its lowest point in …

Samsung Electronics’ stock price has hit a new low today. The downturn in the semiconductor market and c …

  • By Mihai Matei
  • 2 weeks ago