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
, 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.
, 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.