| Title: | Harman International Industries, Inc. (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Oct 24, 2007 |
| Company: | Harman International Industries, Inc. |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...The hottest topic in the current M&A market is the once obscure material adverse change or MAC clause. The MAC clause of the merger contract allows a buyer to cancel a transaction and walk away without pa ying a break-up fee if something big and bad happens to the target between the ex ecution of the contract and closing. The recent credit market turbulence has adversely affected certain companies at a fundamental level (i.e., directly exposed to the debt markets) and others perhaps indirectly (e.g., Genesco and Harman, because th e debt used to finance those acquisitions is underwater). Some acquirers, including KKR and Goldman Sachs in connection with their purchase of Harman, are citing an allege d MAC in an attempt to re-trade or cancel an agreed transaction. ... |
| Word Count: | 2010 |
| Length: | 4 Pages |
| Ticker: | HAR |
| Related Report(s): | - Harman International Industries, Inc. (Corporate Governance Quotient (CGQ)): $250.00
...The board is controlled by a supermajority of independent outsiders (independent outsiders greater than ##%) The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year There are between six and eight directors serving on the board The CEO serves on the boards of two or fewer other companies No former CEO of the company serves on the board The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present and the number of meetings of the outside directors is specified A board approved CEO succession plan is in place Board members have express authority to retain outside advisors Directors are required to submit a letter of resignation upon...
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