DTS Acquires SRS Labs in Cash-and-Stock Transaction
DTS and SRS Labs have entered into a definitive agreement.
DTS will acquire all outstanding shares of SRS Labs in a cash-and-stock transaction valued at $9.50 per share, or a total of about $148 million in aggregate equity value, including acquired net cash of approximately $38 million as of 31 Dec 2011. The consideration represents a premium of 38% per share over SRS Labs’ stock price as of the close of trading on 16 April.
The transaction combines DTS’ suite of audio solutions and SRS Labs’ range of audio processing technologies. Through the transaction, DTS will expand its portfolio of audio-related intellectual property, creating one of the broadest in the industry with over 1,000 registered and pending patents and trademarks.
Source: SRS Labs