Harman Says No Communication From Arabian Peninsula Group

Harman statement does not directly mention Arabian Peninsula Group, but reads that the company has not received "such communications." Moreover Harman says it is not familiar with the parties "claiming to make such a solicitation."

Indeed, while we read that the Arabian Peninsula Group is Saudi based, we could not find any website associated with the group.

This is what Harman said in a statement released today, July 20.

Harman International Industries Incorporated (NYSE:HAR) said today that it has become aware of several media reports suggesting that a tender offer has been made to acquire the Company. The Company has not received such communications and is not familiar with any parties claiming to make such a solicitation.

Harman International Industries, Incorporated (www.harman.com), designs, manufactures and markets a wide range of audio and infotainment products for the automotive, consumer and professional markets. The company’s stock is traded on the New York Stock Exchange under the symbol NYSE: HAR.

Currently at 1:53PM EST the Harman stock is down 10.37 percent trading at $22.57. One of the leading Middle Eastern Business resources AME Info reported that according to the details of the offer, announced by Arabian Peninsula Gropu's Head Of Strategic Investments Unit Donald Parker, 'APG is willing to offer Harman International Industries shareholders $49.5 per stock.'