KKR, Goldman Jilt Harman

The company says it disagrees that a material adverse change has taken place.
Author:
Publish date:

Harman

(HAR)

said its

private-equity buyers don't want to complete their $8 billion purchase of the audio company.

The Washington-based company said Kohlberg Kravis Roberts and

Goldman Sachs

(GS) - Get Report

, which agreed earlier this year to buy Harman, told Harman this afternoon that they don't want to complete the deal because "they believe that a material adverse change in Harman's business has occurred."

Harman said it disagrees that a material adverse change has occurred.

The company made the announcement at the end of a day in which its shares plunged 21% following a

Wall Street Journal

report that the buyers had gotten cold feet about the deal.

Sallie Mae

(SLM) - Get Report

, another big leveraged buyout target, is now fighting with its putative buyers over whether a material adverse change has occurred at the student lender that would keep the would-be purchasers from having to complete that deal.

Harman fell $23.45 to $88.80.