Harman International settled its dispute with Kohlberg Kravis Roberts & Co. and Goldman Sachs over the latter’s deal to buy the former for $60 a share. KKR and Goldman instead invested $400 million in Harman convertible notes — money that Harman says it will spend to repurchase its own shares. Because, you know, the company believes so much in its prospects.
Not long ago, Blawgletter wrote about the material adverse effect provisions in the Harman agreement. We can’t tell from the terms of the non-litigation settlement who came out better. But, as we say to all our clients, “avoid litigation”.
If you can’t, though, hire someone you trust.
Barry Barnett
Our feed inebriates itself with the exuberance of its verbosity.