South Korean company has set a new record amid the country’s outbound M&A drive by closing the largest Korean-led overseas acquisition, which featured a rare 30-day non-solicitation period.
Samsung Electronics has successfully completed an $8 billion outright acquisition of Connecticut-based, New York-listed Harman International. This came four months after Harman agreed to a merger with the South Korean company, which would see the US audio and video equipment manufacturer become an indirect wholly-owned subsidiary of Samsung.
Counsel involved in the deal point to the success of the Korean tech giant in negotiating a 30-day exclusive period to perform full due diligence. This was in stark contrast to the typical seven or 14-day due diligence period in most outbound transactions involving US-listed companies.
“Samsung was able to obtain an initial 30-day non-solicitation or exclusivity for due diligence, which is relatively rare,” said...