SRS Labs terminates Dutch auction tender offer after receiving acquisition offer

By Lisa Kerner

Charlotte, N.C., Sept. 30 - The board of directors of SRS Labs, Inc. terminated and withdrew its Dutch auction tender offer after it received an unsolicited offer to purchase all of the company's shares.

According to SRS Labs, the unsolicited offer has a stated value per share in excess of the tender offer's repurchase price.

However, SRS Labs' board believes the inbound offer, as submitted, is not in the best interest of the company's stockholders, an SRS Labs news release said.

SRS Labs said it will not repurchase any shares tendered in the offer that began on Aug. 29.

As previously reported, SRS Labs' offer was for up to $10 million in value of its common stock at a price within the range of $5.75 to $6.50 per share.

The offer, which was set to end Sept. 29, would have allowed up to 1,739,130 shares, or approximately 11% of the company's outstanding common stock, to be acquired, SRS Labs said in a prior statement.

Craig-Hallum Capital Group LLC was acting as the dealer manager, and the depositary for the offer was American Stock Transfer & Trust Co. Laurel Hill Advisory Group, LLC (888 742-1305) was the information agent.

Santa Ana, Calif.-based SRS Labs provides audio and voice technology solutions.

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