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10 private-equity deals gone bust

When the liquidity is flowing like wine, every deal looks like a perfect ten. But a lot went wrong between the time that private equity firms professed their love for the following companies and the date the deals were meant to close.

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Harman International (audio and electronics)
Harman International (audio and electronics)
Harman manufactures high-fidelity audio and electronic products for automotive, consumer and professional use.
Deal announced: 04/25/2007
Deal withdrawn: 09/21/2007
Investors: Kohlberg Kravis Roberts, GS Capital Partners
Value of the deal: $8.2 billion

This high-profile break-up ended with KKR andGoldman announcing they would walk away from the deal, citing an unspecified material adverse change.

Ultimately the two sides filed a termination agreement whereby KKR would buy $400 million of Harman senior convertible notes and have a representative on the company's board.

The price was much more than the $225 million break up fee KKR might have had to pay.


NEXT: Acxiom Corp. (data management)
Last updated May 19 2008: 1:26 PM ET
Source: Thomson Reuters, Capital IQ