Report: Harman Bids to Buy D&M Holdings
Harman International has made a bid to purchase D&M Holdings, its Japanese rival, in a move that would put it in control of a significant share of the global audio accessories market. According to the Japanese news service the Jiji Press, the bid was made on Friday, and amounts to 70 billion yen ($700 million in U.S. dollars.)
Harman is seeking to purchase the 49 percent interest in D&M presently held by RHJ International, which issued an “invitation for tenders.” Philips Electronics is also seeking to sell its 12 percent stake in the company.
The news of the bid sent D&M’s stock soaring on the Tokyo Stock Exchange, jumping 31 percent, according to Bloomberg News.