arabian peninsula group

arabian peninsula group

July 20 (Bloomberg) -- Harman International Industries Inc., a maker of audio systems for homes and vehicles, said it was unaware of a tender offer for the company that was the subject of “several media reports.”

The shares fell 83 cents, or 3.3 percent, to $24.35 at 11:14 a.m. in New York Stock Exchange composite trading, reversing an earlier gain of as much as 10 percent. The Washington-based company commented in a statement before regular trading.

Harman “has become aware of several media reports suggesting that a tender offer has been made to acquire the company,” according to the statement. “The company has not received such communications and is not familiar with any parties claiming to make such a solicitation.”

The Arabian Peninsula Group is seeking to acquire Harman in a public tender offer, AME Info reported on its Web site. AME Info is an Internet-based news service based in Dubai Media City in the United Arab Emirates, according to its Web site. The site didn’t give contact information for APG.

APG said in a faxed statement yesterday it was working with an unidentified South Korean partner. That statement also didn’t include contact details for APG, which was described as a private investment company based in Jeddah, Saudi Arabia.

A Harman spokesman, Robert Lardon, didn’t immediately respond to an e-mail and phone call for comment. Kevin Callahan, a spokesman for the Securities and Exchange Commission, declined to comment on whether the SEC was reviewing the reported bid.

Shares Advance

Harman jumped 41 percent from July 7 through July 17. The company reported a net loss of $66.6 million in its third fiscal quarter ended March 31 on revenue of $598.3 million, citing cutbacks by automakers from the global recession.

On June 17, Harman priced a public offering of 10.7 million shares of common stock at $18.75 each to raise $200 million, according to a statement. Harman said the proceeds would go to improve liquidity and cut debt under its revolving credit facility, as well as for general purposes, including any future acquisitions.