HARMAN Withdraws Financial Outlook; Samsung Deal On Track To Close In Mid 2017

(RTTNews) - Harman International Industries, Incorporated (HAR) announced, on January 20, 2017, the company filed a definitive proxy statement with the U.S. SEC in connection with a special meeting of its stockholders to consider the adoption of the merger agreement under which Samsung will acquire HARMAN for $112 per share in cash. The special meeting is scheduled to be held on February 17, 2017. In light of the pending transaction, HARMAN said the company is withdrawing its financial outlook and will not be hosting earnings conference calls.

Dinesh Paliwal, the company's Chairman, President and CEO said, "The pending acquisition of HARMAN by Samsung will accelerate connected and autonomous driving innovation and technology deployment faster than if HARMAN were to remain a standalone company. The transaction also delivers immediate and compelling cash value to our shareholders. We remain on track to close the transaction in mid-2017."