[Techtaffy Newsdesk]
Audio technology company DTS will acquire all outstanding shares of SRS Labs in a cash-and-stock transaction of approximately $148 million, valued at $9.50 per share. The consideration represents a premium of 38% per share over SRS Labs’ stock price as of the close of trading on April 16, 2012.
The transaction has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including review by U.S. regulators and approval by SRS Labs shareholders. DTS anticipates closing the transaction in the third quarter of 2012. Upon closing, Thomas C.K. Yuen, CEO and president at SRS Labs is expected to join the DTS board of directors.
Centerview Partners acted as financial advisor and DLA Piper and Gibson, Dunn & Crutcher acted as legal advisors to DTS. Covert & Co. acted as financial advisor and Paul Hastings acted as legal advisor to SRS Labs.