It's true.
Audiovox, a relative no-name in terms of consumer end products in the music industry, has just signed a non-binding term sheet to purchase all of the shares of Klipsch Group and its worldwide subsidiaries. We're told that the transaction is subject to a number of contingencies, "including satisfactory completion of due diligence, negotiation and signing of definitive agreements and requisite approvals," but we can't imagine anything popping up to stop the inevitable. No hard financial terms were revealed, and there's no estimated closing date for the deal. Oddly enough, Klipsch was here at CES
unveiling a smattering of new products, and Audiovox was also here showing off far, far less interesting gear. We're hoping and praying that Audiovox allows Klipsch to continue working as its own entity rather than swallowing 'em whole and stifling innovation with corporate bureaucracy (similar to how
Disney lets ESPN run its own show), but we'll be honest -- we're feeling a little uneasy about it. Klipsch is definitely one of our favorite audio companies around, and the last thing we'd want is to see a good company get hit with an undue amount of heavy-handed corporate control. Here's hoping for the best!
P.S. - If you missed our Klipsch headquarters walkthrough from a year ago, feel free to have a peek. Continue reading Audiovox to buy Klipsch, we can't help but worry
Audiovox to buy Klipsch, we can't help but worry originally appeared on Engadget on Fri, 07 Jan 2011 18:43:00 EDT. Please see our terms for use of feeds.
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