Tech
Sonic Solutions to Acquire DivX
NOVATO, Calif. (TheStreet) -- Sonic Solutions(SNIC) said Wednesday it agreed to acquire digital media company DivX(DIVX).
DivX stockholders would receive a combination of cash and stock equal to $3.75 in cash and 0.514 a share of Sonic common stock for each share of DivX they hold. Under the deal, DivX shares are valued at $9.83 each, representing a 41% premium to DivX's closing stock price Tuesday of $6.95. The acquisition is expected to close in September. Sonic, in a press release Wednesday, said it expects the acquisition to be accretive, potentially doubling fiscal 2012 per-share earnings on an adjusted basis. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.TheStreet Premium Services
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