Harman International Ind. Inc.NYSE
Take Advantage Of The Overreaction In Harman International
Alpha Gen Capital
Alpha Gen Capital
Sat, Nov. 26, 9:11 AM
- It's no surprise that Republican administrations in general are seen as more friendly towards mergers than Democrats, and since the election, arbitrage spreads (the difference between a target's deal price and its current price) have tightened to the 8-9% range from 11%.
- However, on an annualized basis, there are still plenty of deals out there offering double-digit returns.
- Source: Vito Racanelli in Barron's
- Merger-arb shop WallachBeth Capital is fan of Harman International Industries (NYSE:HAR), which earlier this month drew a cash bid from Samsung for $112 per share vs. its close Friday of $109.74. Another pick is B/E Aerospace (NASDAQ:BEAV) which closed at $59.79 and has a cash and stock deal in hand from Rockwell Collins (NYSE:COL) for $62 per share.
- Lutetia Capital likes Cabela's (NYSE:CAB), which closed the week at $62.50 vs. Bass Pro Shops' $65.50 bid.
- The Merger Fund's Roy Behren is confident Qualcomm's (NASDAQ:QCOM) bid for NXP Semiconductors (NASDAQ:NXPI) will pass regulatory muster. NXP's close yesterday of $99.51 is a full 10.5% below the $110 cash offer. If the deal closes in nine months, it's an annualized return of 12.6%.
- Another deal with maybe overblown antitrust concerns is Danone/WhiteWave Foods (NYSE:WWAV). The spread is just 2%, but a close early next year would mean an annualized return over 10%.
- Seeking Alpha contributor Chris DeMuth stays on top of merger arb spreads with his M&A Daily.
Wed, Nov. 16, 9:52 AM
- The Los Angeles Auto Show is off and running this week, with technology companies stealing some of the early headlines.
- Samsung (OTC:SSNLF) got the ball rolling with its huge acquisition of Harman (NYSE:HAR), while Amazon dazzled many by showcasing its connected-car Blue Link technology that uses the AI-heavy Alexa in Hyundai cars.
- Ride sharing platforms are on display, led by BMW's Reach Now program which is a potential Uber (Private:UBER) X competitor.
- Edmunds.com may have sent a bit of shock wave through the auto retailer sector by demonstrating its advanced messaging platform that uses Facebook Messenger to help direct buyers to cars.
- Then there is Olli which is the first self-driving vehicle to use IBM (NYSE:IBM) Watson as its brains.
- There are plenty of new models on display at the Staples Center - including the Alfa Romeo Stelvio, Volkswagen e-Golf, Land Rover Discover, Porsche Panamera and Mazda CX-5. The first look at the Jaguar all-electric I-Pace SUV is one of the more talked about introductions.
- The all-electric Chevy Bolt and Tesla Model X mobile design studio will also be making an appearance in LA. Expect some updates on both as the GM vs. Tesla war starts to get ratcheted up.
- Related automobile sector stocks: GM, F, TM, FCAU, HMC, OTCPK:NSANY, TSLA, OTCPK:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BMWYY, TTM, TSLA, AN, KMX, SONC.
Mon, Nov. 14, 12:41 PM
Mon, Nov. 14, 12:00 PM
Mon, Nov. 14, 9:26 AM
- Harman International (NYSE:HAR) soars 26.18% to $110.60 in premarket trading after accepting a takeover offer from Samsung at $112 per share.
- Harman's board has already approved the deal, which is expected to close in the middle part of 2017.
- The company will operate as a standalone Samsung subsidiary and be led by Dinesh Paliwal along with the current management team.
- Previously: Samsung moves into the connected car market (Nov. 14)
Mon, Nov. 14, 9:13 AM
Mon, Nov. 14, 3:24 AM
- Samsung Electronics (OTC:SSNLF) is buying Harman International Industries (NYSE:HAR) for $112 a share in cash, or a total equity value of about $8B.
- The deal - Samsung's biggest acquisition in its history - will reshape the pecking order in the global automotive supply chain, reflecting an increased role for companies with deep pockets and a keen understanding of mobile services.
- Harman will operate as a standalone subsidiary, and Samsung plans to retain the company's work force, headquarters and facilities.
Thu, Nov. 3, 8:07 AM
Thu, Nov. 3, 8:04 AM
Wed, Nov. 2, 5:30 PM
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Thu, Oct. 20, 8:33 AM
- Harman International Industries (NYSE:HAR) and Under Armour (NYSE:UA) announce they are bringing two new sport headphones to the market.
- The UA Sport Wireless Heart Rate Headphones and UA Sport Wireless Headphones will hit shelves in November.
- In an interesting twist, consumers that purchase either the UA Sport Wireless Heart Rate or UA Sport Wireless headphones will receive a complimentary 12-month MapMyRunPremium membership. Under Armour is attempting to build out its UA ecosysytem of connected gadgets.
- Source: Press Release
Fri, Aug. 5, 9:04 AM
- R.W. Baird downgrades Harman International Industries (NYSE:HAR) to Neutral from Outperform.
- The investment firm makes the valuation call following Harman's 7% post-earnings jump yesterday.
- Piper Jaffray sticks with a Neutral rating on Harman.
- "Key secular growth themes in the Connected Car segment appear intact, though with sales growth unlikely to revisit double-digits until 2019, we question whether investors will bid HAR's multiple substantially higher from here," writes analyst Alexanded Potter.
Thu, Aug. 4, 8:04 AM
Wed, Aug. 3, 5:30 PM
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Wed, Jul. 20, 2:10 PM
- Shares of Harman International Industries (HAR +4.5%) pop after Deutsche Bank initiates coverage with a Buy rating.
- "We believe that cockpit electronics and especially infotainment will continue to represent one of the fastest growing areas in the Automotive Industry," writes DB analyst Patrick Nolan.
Thu, Apr. 28, 8:11 AM
- Harman (NYSE:HAR) declares $0.35/share quarterly dividend, in line with previous.
- Forward yield 1.57%
- Payable May 23; for shareholders of record May 9; ex-div May 5.