NOVATO, Calif. (
said Wednesday it agreed to acquire digital media company
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.
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