Harman Sharply Higher Off Samsung Bid

Harman International Industries Inc HAR shares are trading higher by $22.15 at $109.80 in Monday's session.

The catalyst for the move is the announcement that the company has received a takeover offer from Samsung at $112.00 per share. The acquisition will enable Samsung to move into the connected car market.

It's believed that Harman's board has already approved the deal, which is expected to close in mid 2017.

In last week's trading, Harman rallied over $5 from $82.33 to $87.65, but that move may be attributed to a rally in the broad market as opposed to any leaks of the deal happening.

Risk-arbs are factoring in a small chance that the deal may not to come to fruition, as the issue has traded no higher than $110.43 in today's session. At this time, the Street doesn't foresee any other potential buyers that would would trump Samsung's bid.

The takeout price is a far cry from its all-time high that was made in April 2015 at $149.12.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!