Digitech Has Sold Out

Jack1962

What's Up,

I just thought ya\"ll might want to know, I was talkin to a friend of mine , a field service rep. for Digitech, Harmon Music( the parent compnay of Digitech) has sold out completely. Rock On

Jack Latham

GNX Jammer

Care to post a link to a supporting press release? No? Ah...gotcha:

Jack1962

Joined: 28 Apr 2007
Posts: 1
Location: Irving, Texas

Be gone, troll!

Besides, who cares?

shredd

\GNX Jammer\ wrote:

Be gone, troll!
Besides, who cares?

What he said.
Sincerely,
Public Execution For Spammers, inc.

slejhamer

Old news. And who cares? (But dang, you guys are harsh! LOL )

April 26, 2007 09:09 AM Eastern Daylight Time
Harman International Industries to Be Acquired By KKR and GS Capital Partners

Harman Stockholders Can Elect to Receive $120 Per Share In Cash or Shares in Post-Transaction Company

Transaction Valued at Approximately $8 Billion

WASHINGTON--(BUSINESS WIRE)--Harman International Industries, Inc. (NYSE:HAR) today announced that it has entered into an agreement to be acquired by affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”) and GS Capital Partners (“GSCP”) in a transaction valued at approximately $8 billion. The transaction was unanimously approved by the Harman Board of Directors, following the recommendation of a Special Committee of independent directors. KKR initiated discussions with Harman and structured the transaction so that current Harman stockholders have the opportunity to participate in the future upside potential of the enterprise. The company will continue to be named Harman International Industries and Dr. Sidney Harman, Founder and Executive Chairman, will remain Executive Chairman.

Dr. Harman stated: “We are pleased to reach an agreement with KKR and GSCP that is in the best interest of our stockholders, presenting them with excellent value for their shares and the opportunity to participate in Harman’s future growth. KKR and GSCP are two of the world’s leading private equity investors and our Board of Directors strongly believes that this transaction will create attractive long-term opportunities for our employees, customers and business partners. Together, we will continue to execute our strategic plan, capitalize on new opportunities, and build on our history of product innovation and service excellence.”

Henry R. Kravis, Co-Founding Member of KKR, said, “Harman is one of the world’s outstanding providers of audio equipment and infotainment systems with an unparalleled portfolio of legendary brands and strong customer relationships. Since founding Harman more than 50 years ago, Dr. Sidney Harman has brought exceptional vision to the company and we are proud to work with him and the management team to continue building the value of their company.”

Under the terms of the agreement, Harman stockholders will be entitled to receive $120 in cash for each share of Harman common stock they hold. As an alternative to receiving the cash consideration, Harman’s stockholders will be offered the opportunity to elect, on a purely voluntary basis, to exchange some or all of their shares of Harman stock for shares in the new corporation incorporated by KKR and GSCP in order to acquire Harman. The total amount of Harman shares that may elect to receive shares in the post-transaction corporation is approximately 8.3 million, which would represent $1.0 billion (at the $120 per share transaction value) and an approximate 27% equity stake in Harman following the transaction. If elections for post-transaction shares exceed the $1.0 billion cap, post-transaction shares will be allocated to electing stockholders on a pro-rated basis, and the remaining Harman shares will be exchanged for cash. The election process will be fully detailed in the proxy statement/prospectus that will be mailed to Harman stockholders.

Dr. Harman, who owns approximately 5% of the outstanding common stock of Harman, will participate in the same election process available to all stockholders. He has committed that he will elect to exchange half of his current holdings for post-transaction shares, subject to the same pro ration that applies to all stockholders as described above.

Under the agreement, Harman may solicit proposals for alternative transactions from third parties for a 50-day period ending on June 15, 2007. Harman’s Board of Directors will work with its independent advisors to solicit proposals during this period. There can be no assurances that this solicitation will result in an alternative transaction. Harman does not intend to disclose developments with respect to this solicitation process unless and until its Board of Directors has made a decision regarding any alternative proposals.

Completion of the transaction, which is expected to occur in the third quarter of 2007, is subject to the approval of Harman stockholders, customary closing conditions and regulatory approvals. The Board of Directors of Harman has unanimously recommended that Harman stockholders vote in favor of the transaction.

The stock of the new corporation issued to current shareholders in exchange for their existing shares will be registered with the U.S. Securities and Exchange Commission. The shares will not be listed on any exchange, although the buyers expect that there will be market makers in the stock.

Bank of America Securities LLC, Credit Suisse, Goldman Sachs and Lehman Brothers have committed debt financing for the transaction, subject to customary terms and conditions, and are also acting as financial advisors to KKR and GSCP. Simpson Thacher & Bartlett LLP is acting as legal advisor to KKR and GSCP. Bear, Stearns & Co. Inc. is acting as Harman’s financial advisor. Wachtell, Lipton, Rosen & Katz is providing legal counsel to the Special Committee of the Harman Board of Directors, and Jones Day is providing legal counsel to Harman.

About Harman International

Harman International Industries, Incorporated (www.harman.com) is a leading manufacturer of high-quality, high fidelity audio products and electronic systems for the automotive, consumer and professional markets. Its brands include Harman Kardon®, JBL®, Mark Levinson® and Infinity®, among others. The company maintains a strong presence in the Americas, Europe and Asia, employing over 10,500 people. The Company's stock is traded on the New York Stock Exchange under the Symbol: HAR.

About KKR

Kohlberg Kravis Roberts & Co. (KKR) is one of the world's oldest and most experienced private equity firms specializing in management buyouts. Founded in 1976, it has offices in New York, Menlo Park, London, Paris, Hong Kong and Tokyo. Throughout its history, KKR has brought a long-term investment approach to its portfolio companies, focusing on working in partnership with management teams and investing for future competitiveness and growth. Since its founding, KKR has completed more than 150 transactions with an aggregate value of over US$279 billion. (www.kkr.com).

About GS Capital Partners

Founded in 1869, Goldman Sachs is one of the oldest and largest investment banking firms. Goldman Sachs is also a global leader in private corporate equity and mezzanine investing. Established in 1992, the GS Capital Partners family of funds is part of the firm’s Principal Investment Area in the Merchant Banking Division. Goldman Sachs’ Principal Investment Area has formed 13 investment vehicles aggregating $56 billion of capital raised. GS Capital Partners VI is the current primary investment vehicle for Goldman Sachs to make large, privately negotiated equity investments.

Additional Information and Where To Find It

The parties to the merger agreement intend to file a registration statement that will include a proxy statement/prospectus and other relevant documents in connection with the proposed transaction. HARMAN INVESTORS ARE URGED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors may obtain a free copy of the proxy statement/prospectus (when it becomes available) and other filings containing information about Harman and the merger, when available, from the SEC at the SEC's web site at http://www.sec.gov. In addition, copies of the proxy statement/prospectus and other filings containing information about the Company and the merger can be obtained, when available, without charge, by directing a request to Harman International Industries, Incorporated; Attention: Investor Relations, 1101 Pennsylvania Ave., N.W., Suite 1010, Washington, DC 20004, or by telephone at (202) 393-1101 or on Harman's website, www.harman.com.

Forward-Looking Information

This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements include all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.

These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (2) the outcome of any legal proceedings that may be instituted against Harman and others following the announcement of the merger agreement; (3) the inability to complete the merger due to the failure to obtain shareholder approval or the failure to satisfy other conditions to the merger; (4) the failure to obtain the necessary financing arrangements set forth in the commitment letter received in connection with the merger; (5) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; and (6) other factors described in Harman’s filings with the Securities and Exchange Commission, including its reports on Forms 10-K, 10-Q and 8-K. Many of the factors that will determine the outcome of the subject matter of this communication are beyond Harman’s ability to control or predict. Harman undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future results or otherwise.

Interests of Participants

The Company and its directors and executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in favor of the proposed transaction. Additional information regarding the interests of potential participants in the proxy solicitation will be included in the definitive proxy statement/prospectus and other relevant documents that Harman intends to file with the SEC in connection with the scheduled special meeting of its stockholders.
Contacts

Harman International Industries, Incorporated
Robert C. Ryan, 202-393-1101 or 202-662-2215
or
For KKR:
Kekst and Company
Mark Semer/Ruth Pachman, 212-521-4800
or
For GS Capital Partners:
Michael DuVally, 212-902-2605

Jack1962

I was just sharing info , I recieved from a good friend , however this is for you GNX PUNK , Whata be Shredder , I don't need your little bullshit remarks , you 2 are a couple of whata be's that haven't done shit and never will , that's why you use a fake name , I use my real name because the peeps can check and see what I'm about , what about you 2. YOu can take this bullshit forum and shove it up your punk ass's , I won't be back , I don't want to be associated with a bunch of idiot's. any questions my real Email is Jackylatham1962@wmconnect.com , and I live in Dallas , Texas , if either one of you may live here and have any balls.

Jack Latham

0Dannyboy

OK ...they sold and now the upper crust managment rich guys (who we all dont know or care about) will change and a new bunch of rich guys will manage the finances of a huge corp...still not getting the part where I should really care. Just keep makin cool stuff and hurry up already with my vocalist live 2 !!

iliace

\Jack1962\ wrote:

I was just sharing info , I recieved from a good friend , however this is for you GNX PUNK , Whata be Shredder , I don't need your little bullpoop remarks , you 2 are a couple of whata be's that haven't done [sorry, my vocab is limited] and never will , that's why you use a fake name , I use my real name because the peeps can check and see what I'm about , what about you 2. YOu can take this bullpoop forum and shove it up your punk ***purple elephant***'s , I won't be back , I don't want to be associated with a bunch of idiot's. any questions my real Email is Jackylatham1962@wmconnect.com , and I live in Dallas , Texas , if either one of you may live here and have any balls.

Jack Latham

Dude, you're out of line here. No one reading your initial post, in their right mind, would consider you as someone who has any comprehension of logic. Let's see, what's new on GuitarWorkstation forum today: here's a guy who makes some harsh statements citing unknown sources and flaming people for disagreeing! Oh, let's do an Internet search and find a million others like him speaking on random subjects of which they have no comprehension. I certainly hope that's not how you guys roll in Dallas, Texas.

gtaus

\Jack1962\ wrote:

... just thought ya\"ll might want to know, I was talkin to a friend of mine , a field service rep. for Digitech, Harmon Music( the parent compnay of Digitech) has sold out completely...

Thanks for the info, Jack. I wonder if Digitech will still be supporting us end users as good as they have in the past. I guess I'm one who doesn't really care who 'owns' Digitech as long as they keep putting out good product and supporting the customer. Did your friend indicated the direction of Digitech following the buy out? That would be interesting to hear from an insider.

Maybe we are too defensive about our GNX's on this forum. Perhaps the guys thought you were just trying to make trouble instead of passing on some info you thought we would be interested in hearing. Since it was your first post on the forum, maybe they thought you were just here to take a dig at Digitech. I don't know. But I have had many positive exchanges with most of these guys in the past, and Shredd in particular has added many good comments on threads. If you read these forums for awhile, you will find a wealth of good info and a bunch of guys who really take the time to help one another. Best wishes.

shredd

\0Dannyboy\ wrote:

OK ...they sold and now the upper crust managment rich guys (who we all dont know or care about) will change and a new bunch of rich guys will manage the finances of a huge corp...still not getting the part where I should really care. Just keep makin cool stuff and hurry up already with my vocalist live 2 !!

What he said.

Cobaltblooz

Sic Tal on him!

GNX Jammer

\Jack1962\ wrote:

I won't be back

.

That's the single tear I'll shed for ya.

\"Alas, poor Jack. We didn't know him well (at all?), but we're crushed at his departure. Oh woe is us!\"

Definitely suffering from O.S.O.S.I. Syndrome

Overblown
Sense
Of
Self
Importance

\Jack1962\ wrote:

and I live in Dallas , Texas , if either one of you may live here and have any balls.
Jack Latham

You lose at the internet.

My real name is in my sig (always has been), as is a link to my website where I have my musical accomplishments posted. All of which I'm quite proud of, and have no regrets on the direction I took my career, musically or otherwise. Oh, and I live in Carrollton.

In poker terms....CALL!

All the ePeen posturing aside...

Lighten up, relax, and get some thicker skin.

You stroll in here, drop a single post seemingly intent on stirring up controversy, citing exactly ZERO sources, then POOF!...yer outta here. Typical internet forum troll behavior. I see it all the time on other forums, so I called it like I saw it. Sue me.

Now you come back, gettin all pissy when someone points out the fact that we're not going to fall at your feet and just \"take your word for it\", thinking that you're somebody important. So important, in fact, that you \"use your real name so we can check you out\". /roflmao

Dude, you're a nobody, just like most everyone else here. If you were somebody you'd be somewhere else doing things more important than arguing on an internet forum.

Now, based on your username I'm assuming you were born in 1962, which makes you ~45. Which also means you're in the same boat I am when it comes to the music scene in Dallas. Way too many kids who think ya gotta be in your 20's to do anything musically. I'm sure you and I could teach them a trick or two about music, and how to play their instruments.

I'm on vacation this next week (Orlando baby!), but when I get back if you'd care to hook up for a jam session, I'm game. That is, unless you wanna pursue the knock-down-drag-out-fist-to-cuff frackas to it's final stupidity and we both go to jail?

Trust me, I just got off probation for assault. It's no fun. I'd rather make music than war, even though I can \"legally\" beat people up again. LOL, just kidding.

Game?

iliace

Man, Jack definitely unleashed the Phury

philflood

I welcome Jack to make the trip down I-35 to SA, where we would be quite willing to administer a good butt whippin'. Other than that - what Jammer said, 'cept I ain't interested in jammin' with Mr. Jack.

ne1roc

Well, it was news to me, but doesn't really bother me?

ednrg

Personally, I don't see this as an issue. You currently have a unit that you bought and are happy with. If future versions of Digitech products do not live up to the current standards, there are other products to choose from.

Since I am happy with my current system, it doesn't bother me one bit. If something else comes out several years from now that I like better, I'll buy it. I'm not worrying at all.

Manitou

:P 8) munch..munch...munch...swallow...snif...crunch...crunch...munch...munch

Jack1962

Dude, you're out of line here. No one reading your initial post, in their right mind, would consider you as someone who has any comprehension of logic. Let's see, what's new on GuitarWorkstation forum today: here's a guy who makes some harsh statements citing unknown sources and flaming people for disagreeing! Oh, let's do an Internet search and find a million others like him speaking on random subjects of which they have no comprehension. I certainly hope that's not how you guys roll in Dallas, Texas.

Lmao-for your info dude, I have full comprehension of what I am speakin of . You are no one to speak of logic , a moderator , should have nore sense that to make staments like you made. lastly on thge subject of you ,we Roll in Texas just fine , we stand up for what we say , we don't hide behind bullshit forums and title's.

Now for Philflood , Where on I-35 and SA , you {insert string of insults here}, I\"ll be there.

For GNX Jammer , give me a location , I have tried to contact you but no results ,my Email is Jackylatham1962@wmconnect.com .

For all the other folks on here Rock On

iliace

\Jack1962\ wrote:

Dude, you're out of line here. No one reading your initial post, in their right mind, would consider you as someone who has any comprehension of logic. Let's see, what's new on GuitarWorkstation forum today: here's a guy who makes some harsh statements citing unknown sources and flaming people for disagreeing! Oh, let's do an Internet search and find a million others like him speaking on random subjects of which they have no comprehension. I certainly hope that's not how you guys roll in Dallas, Texas.

Lmao-for your info dude, I have full comprehension of what I am speakin of . You are no one to speak of logic , a moderator , should have nore sense that to make staments like you made. lastly on thge subject of you ,we Roll in Texas just fine , we stand up for what we say , we don't hide behind bullpoop forums and title's.

Now for Philflood , Where on I-35 and SA , you {insert string of insults here}, I\"ll be there.

For GNX Jammer , give me a location , I have tried to contact you but no results ,my Email is Jackylatham1962@wmconnect.com .

For all the other folks on here Rock On

Jack,

FYI - I am in contact with Digitech to get the details on this new acquisition. I'm waiting to hear what information, beyond what's already available to the public, is available for release.

Also, please stop swearing so much. We got the point.

GNX Jammer

\Jack1962\ wrote:

For GNX Jammer , give me a location , I have tried to contact you but no results ,my Email is Jackylatham1962@wmconnect.com .

The PM button below my post works just fine. Otherwise it's pretty easy to figure out how to contact me from my website. As a rule I don't post my good email addresses in public forums. Too much friggin spam these days. My \"throw away\" email addresses (hotmail and what not) never get checked.

So...which type of \"axe\" should I bring? 6 string for creatin music, or bladed for dancin with the devil? I'm down for either type, your pick. My personal preference would be the stringed version, but I'll oblige either way.

T L F

Why can't we just love one another... *sob*, *sniff*.....
(Too much death metal me-thinks..)

shredd

\T L F\ wrote:

Why can't we just love one another... *sob*, *sniff*.....
(Too much death metal me-thinks..)