( Reuters ) - Audio equipment maker Harman International Industries Inc. on Friday said that the private equity firms that planned to buy the company told Harman they no longer intend to complete the $8 billion deal.
Kohlberg Kravis Roberts & Co. and Goldman Sachs' private equity arm told the company that a material adverse change in Harman's business occurred, that Harman breached the merger agreement and that they are not obligated to complete the deal, the company said.
Harman said it disagrees a material adverse change has occurred or that it has breached the merger agreement.