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Harman Shareholders Oppose Samsung Deal in Lawsuit

Written: 2017-01-13 18:38:25Updated: 2017-01-13 18:44:35

Harman Shareholders Oppose Samsung Deal in Lawsuit

Shareholders of the U.S. automotive electronics firm Harman International Industries are trying to block its 
eight-billion-dollar takeover by Samsung Electronics.

A Delaware court said Friday they filed a class action suit earlier this month, alleging Dinesh Paliwal and his board did not act in good faith in making the November deal.

They say the eight-billion-dollar figure undervalues the company and the terms of the takeover are unfavorable to shareholders.

The Samsung-Harman deal represents the largest ever takeover of a foreign firm by a South Korean company.

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