Combined Company to Enable Broad Solutions for Content Distributors, Service Providers, CE Manufacturers, and Retailers to Deliver Premium Digital Media Entertainment and Accelerate Rovi’s Advertising Opportunity
Company Release – 12/22/2010 10:02 PM ET
SANTA CLARA, Calif. and NOVATO, Calif., Dec. 22, 2010 (GLOBE NEWSWIRE) — Rovi Corporation (Nasdaq:ROVI) and Sonic Solutions (Nasdaq:SNIC) today announced that the two companies have signed a definitive agreement for Rovi to acquire Sonic in a stock and cash transaction. The enterprise value of the transaction is approximately $720 million and the per share value of Sonic common stock at signing of the agreement is $14.17, a 38.2 percent premium to Sonic’s 30 day average per share closing price as of December 21, 2010. The acquisition is structured as an exchange offer for all of the outstanding shares of Sonic common stock, to be followed by a merger.