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KKR and GS Capital Partners to invest in Harman International

Mon Oct 22, 2007 6:15am EDT
Co announces that it has entered into an agreement with affiliates of Kohlberg Kravis Roberts & Co. and GS Capital Partners relating to the parties' previously announced Merger Agreement. Terms of the new agreement include the following: KKR and GSCP will purchase $400 mln of 1.25% senior notes convertible under certain circumstances into Harman common stock, convertible at a price of $104 per share. KKR and GSCP have agreed to not sell or hedge their position for at least one year. The parties have agreed to terminate their Merger Agreement dated April 26, 2007 without litigation or payment of a termination fee.



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