twice connect

Harman Deal Falls Through

9/24/2007 07:59:00 AM Eastern

Washington — Kohlberg Kravis Roberts and Goldman Sachs Group backed out of their plans to buy Harman International for $8 billion and take the company private.

The two investors claimed they were under no obligation to complete the planned merger, announced in April, because "a material adverse change" in Harman’s business had occurred and because Harman breached the merger agreement, a Harman statement said. Harman disagreed with both contentions.

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