By Michael Flaherty Fri Sep 21, 7:26 PM ET NEW YORK (Reuters) - Harman International Industries Inc (HAR.N) said its private equity buyers are pulling out of their $8 billion buyout deal, a severe blow to the company whose shares fell more than 25 percent on Friday.The audio equipment maker said that Kohlberg Kravis Roberts & Co LP and Goldman Sachs Group Inc's (GS.N) private equity arm believe a "material adverse change" occurred in Harman's business and that it breached the merger agreement.
Harman said in a one paragraph release that it disagrees such a change occurred and that it did not violate the buyout contract.
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