Often times, in the mergers and acquisitions department of business news, do we hear about deals that can boost stock prices overnight. Some such cases are targeted at skyrocketing income through equity shares sold, without any firm intent of such a business alliance. However, it is a point to ponder about when established businesses are involved in such careless whispers. The latest to join the bandwagon is the high-end audio equipment giant, Harman International Industries Inc (HAR.N) which has announced of not having received any buyout bid from the private investment firm, Arabian Peninsula Group. It is worth noting that news agencies across the globe received, not an email, but a fax, which was quickly published by many. This conjured some quick trading activity, boosting the stock prices of Harman. The shortlived hike proved detrimental after Harman’s officials denied such a possibility of a takeover. Harman made strong denials about having received any such bid. The official spokesperson claimed to be unfamiliar with any organization having approached them with an offer, thus initiating a steep fall by 17% in stock prices in just 6 hours.
So what does Arabian Peninsula Group have to say about this deal? Media groups are equipped with magnifying glasses and microscopes to search and access the website of the Arabian Peninsula Group. Surprisingly, there seems to be no such group, while the fax copy from APG claims to have an executive Donald Parker, head of the Arabian’s Strategic Investments Unit. Sooner, the matter is expected to reach another SIU (Special Investigations Unit) of the US SEC, though they have not responded to the media for a comment.
As if this weren’t enough, the fax stated that the merger would be shared, in part, with a South Korean organization in a joint bid, creating hopes by claiming to the name of the Korean party next week from Seoul, South Korea.
Tags: Arabian Peninsula Group
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