Nuheara Confirms Harman Behind Abandoned Takeover

Perth based assistive listening company Nuheara has confirmed Samsung subsidiary Harman was behind an attempted A$84 million takeover bid for the company.

News of the attempted takeover surfaced earlier this week.

Last night, Nuheara confirmed to the ASX that Harman International, which also has brands like JBL and AKG under its umbrella, was interested in acquiring the company, but pulled out after learning its name would be disclosed to the market, following an ASX query over a report in the Australian Financial Review.

The US company operates separately from Samsung but is wholly owned by the South Korean tech giant.

Nuheara said they don’t expect Harman or any other party to come present a takeover offer any time soon, but announced this morning it had been successful in raising A$4 million from a new round of equity raising, with over 80 per cent of the discounted shares being snapped up by existing shareholders.

The company said it will use the newly raised funds to increase “sales and marketing activity to support new and existing products”.