As a result of the rumoured offer in the Japan-based D&M shares in the Company rose 31 percent higher in early morning trading in Tokyo. The number of bids outnumbered offers to sell by more than three to one according to Bloomberg. D&M has fallen 44 percent this year after climbing 3.5 percent in 2007.
Bloomberg also said that Harman's offer was in response to an invitation for tenders by Brussels-based RHJ International, which owns a 49 percent stake and will select a buyer as early as April 2008. Also looking to sell a 12% holding is Philips who at one stage distributed the Marantz brand in Australia.
Currently Marantz is distributed by Qualifi with Denon product distributed by Audio Products Group. Convoy and Conexus distribute the Harman products in Australia which also include the JBL brand.
Geoff Mathews Marketing Manager at Convoy said "This is a marriage made in heaven Harman get access to consumer manufacturing and some excellent brands while D&M get access to better marketing. It is also a situation where all of the brands from both Harman and D&M can survive in a highly competitive market".
