UPDATE: DTS (DTSI) to Acquire SRS Labs (SRSL) for $9.50/Share in Cash and Stock
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(Updated - April 17, 2012 10:42 AM EDT)
DTS (Nasdaq: DTSI) to acquire SRS Labs (Nasdaq: SRSL) for $9.50/share in cash and stock, or a total of approximately $148 million in aggregate equity value, including acquired net cash of approximately $38 million as of December 31, 2011.
Under the terms of the agreement, the cash and stock components will each equal 50% of the aggregate consideration paid by DTS for SRS Labs’ outstanding shares. The DTS common stock to be issued in the transaction was valued at $30.52 per share, the closing price per share of DTS common stock on April 12, 2012. All SRS Labs options and restricted stock units will fully vest immediately prior to and be canceled upon the closing of the transaction, and the holders thereof will be entitled to receive the $9.50 price per share (less the exercise price of any option) payable in cash.
DTS expects the transaction to be accretive on a GAAP basis by 2013, supported by at least $8 million in estimated annual combined cost synergies. Combined pro forma revenue for the Company for the fiscal year ended December 31, 2011 was $129.8 million.
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DTS (Nasdaq: DTSI) to acquire SRS Labs (Nasdaq: SRSL) for $9.50/share in cash and stock, or a total of approximately $148 million in aggregate equity value, including acquired net cash of approximately $38 million as of December 31, 2011.
Under the terms of the agreement, the cash and stock components will each equal 50% of the aggregate consideration paid by DTS for SRS Labs’ outstanding shares. The DTS common stock to be issued in the transaction was valued at $30.52 per share, the closing price per share of DTS common stock on April 12, 2012. All SRS Labs options and restricted stock units will fully vest immediately prior to and be canceled upon the closing of the transaction, and the holders thereof will be entitled to receive the $9.50 price per share (less the exercise price of any option) payable in cash.
DTS expects the transaction to be accretive on a GAAP basis by 2013, supported by at least $8 million in estimated annual combined cost synergies. Combined pro forma revenue for the Company for the fiscal year ended December 31, 2011 was $129.8 million.
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