The buyers are proposing to pay $120 per share in cash, or a 17 per cent premium over Wednesday’s closing value at Harman, which supplies luxury car brands such as BMW and Mercedes with audio and video equipment.

But Harman shareholders will also have the opportunity to buy up to 27 per cent of the equity in the new privately-held company, for as much as $1bn. Such a structure, which had never previously appeared in a large US leveraged buy-out, could emerge as a model for many future deals.

KKR, Goldman seal $8bn Harman buy-out – FT.com

ん? 「which had never previously appeared in a large US leveraged buy-out」だとかいう内容は、買収に際して既存株主にも27%までのシェアを保持する機会を与えるってワケ? 合併じゃなくてTOBの話でしょ? 今までだって応じなければ持っていた分の株は未公開になるだけで保持されていた筈だけど、実質的に何が違うの? 27%までは買い進められるってところだけ? 73%握っときゃ買収後もコントロールは可能と踏んだのか、あるいは全部買い取るってやり方が既存株主の理解を得られにくくなっているのか…。

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