SRS Labs Terminates Dutch Auction Tender Offer
September 30 2008 - 8:30AM
PR Newswire (US)
SANTA ANA, Calif., Sept. 30 /PRNewswire-FirstCall/ -- SRS Labs,
Inc. (NASDAQ:SRSL), the industry leader in surround sound, audio
and voice technologies, announced today that its Board of Directors
has terminated its Offer to Purchase for Cash up to $10 million in
value of shares of its common stock pursuant to a Dutch Auction.
The Dutch Auction, which was previously announced on August 29,
2008, is being terminated and withdrawn as a result of the
Company's receipt of an unsolicited inbound offer to purchase all
of the Company's common stock for consideration with a stated value
per share in excess of repurchase price set forth in the Offer to
Purchase. As a result, SRS will not repurchase any shares under the
Offer to Purchase, and any shares previously tendered in connection
with the Offer to Purchase will be returned promptly to the
tendering stockholders by the depositary. After consultation with
its legal and financial advisors, the Company's board of directors
has indicated that it believes that proceeding with the inbound
offer as submitted is not in the best interest of the SRS
stockholders. This press release is for informational purposes only
and is neither an offer to purchase or a solicitation of an offer
to sell shares of SRS common stock. The solicitation of offers to
buy shares of SRS common stock will only be made pursuant to the
Offer to Purchase dated August 29, 2008 (as may be amended or
supplemented), the related letter of transmittal, and other related
documents that SRS is sending to its stockholders. The tender offer
materials contain important information that should be read
carefully before any decision is made with respect to the tender
offer. All of the materials (and all other offer documents filed
with the SEC) will be available at no charge on the SEC's website
at http://www.sec.gov/ and from the information agent, Laurel Hill
Advisory Group, LLC. About SRS Labs, Inc. Founded in 1993, SRS Labs
is the industry leader in audio signal processing for consumer
electronics. Beginning with the audio technologies originally
developed at Hughes Aircraft, SRS Labs holds over 150 worldwide
patents and is recognized by the industry as the foremost authority
in research and application of human auditory principals. Through
partnerships with leading global CE companies, semiconductor
manufacturers and software partners, SRS audio, surround sound and
voice processing technologies have been included in over one
billion electronic products sold worldwide including HDTVs, mobile
phones, portable media devices, PCs and automotive entertainment.
In fact, SRS Labs is the de-facto standard of HDTV audio processing
with nine of the top ten name brand flat panel TVs featuring SRS
technology. Additionally, SRS Labs surround sound solutions provide
the professional broadcast and recording industries with
high-performance production, back-haul, storage, and transmission
capability. SRS Labs supports manufacturers worldwide with offices
in the US, China, Europe, Japan, Korea and Taiwan. For more
information, visit http://www.srslabs.com/. Safe Harbor Statement
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on the Company's current expectations, estimates and
projections about the Company, management's beliefs, and certain
assumptions made by the Company, and events beyond the Company's
control, all of which are subject to change. Such forward-looking
statements include, but are not limited to, statements relating to
the Company's inbound acquisition offer. These forward-looking
statements are not guarantees of future results or the commitments
made by the Company herein, and they are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially and adversely from those expressed in any
forward-looking statement. The risks and uncertainties referred to
above include, but are not limited to, the sales price of the
Company's common stock and intrinsic value of the Company; the
potential acquirer's response to the Company's decision and
possible other interest in the Company; the Company's ability to
execute on its business plan and increase revenues and
profitability; market acceptance of the Company's technologies and
the Company's ability to improve its market share in its target
markets; and the impact of current market and economic conditions,
as well as such other factors described in the Company's filings
with the SEC. The forward-looking statements in this press release
speak only as of the date they are made. The Company undertakes no
obligation to revise or update publicly any forward-looking
statement for any reason. Company Contacts: Ulrich Gottschling
Chief Financial Officer SRS Labs, Inc. Tel 949-442-5596 Matt Glover
Investor Relations Liolios Group Tel 949-574-3860 DATASOURCE: SRS
Labs, Inc. CONTACT: Ulrich Gottschling, Chief Financial Officer of
SRS Labs, Inc., +1-949-442-5596, ; or Investor Relations, Matt
Glover of Liolios Group, +1-949-574-3860, , for SRS Labs, Inc. Web
site: http://www.srslabs.com/
Copyright
Srs Labs (NASDAQ:SRSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Srs Labs (NASDAQ:SRSL)
Historical Stock Chart
From Jul 2023 to Jul 2024