Is it true that the Arabian Peninsula Group acquired Harman International for $49.50 a share?”
Arabian Peninsula Group Planned to Acquire Harman International Industries Inc Harman International Industries Inc (HAR.N), a maker of high-end audio equipment, said on Monday it had not received a buyout offer from a private investment group, denying reports that had sent its shares up 33 percent earlier on Monday. Several media outlets on Sunday received a faxed statement that said a private investment firm called Arabian Peninsula Group planned to acquire Harman for $49.50 a share — double Harman’s Friday closing price of $25.18. Some media reported it, adding fuel to trading activity before the bell. By mid-morning Monday, Harman shares had reversed course and were down 4 percent at $24.15 on the New York Stock Exchange. When asked if it was the target of a hoax, Harman, which makes speakers for homes and cars under brands that include Harman Kardon, Infinity and JBL, said it had no idea who was the source of the supposed tender offer. “The company has not received such communicati
They said that they are not familiar with the private investment firm (Arabian Peninsula Group) and that the group is not the reason why Harman’s shares increased to 33 percent earlier on Monday. A spokesman for Harman clarified further that they do not know who spread the rumor and where it originated.
