SRS Labs plans tender offer for up to $10 million of shares

By Lisa Kerner

Charlotte, N.C., Aug. 7 - SRS Labs, Inc. expects to begin a Dutch auction tender offer this month to purchase up to $10 million worth of its common stock.

Shareholders will be invited to tender their shares within a range of prices to be described in the offer materials, according to an SRS Labs news release.

SRS Labs said it will select the lowest single per-share purchase price that will allow it to buy up to $10 million of its outstanding common stock.

There is no guarantee that SRS Labs will proceed with the offer or that tendered shares will be purchased.

"Our board of directors has reviewed our cash position, our operations and expectations for the future, our existing and anticipated capital structure, our acquisition strategy, and a variety of alternatives for using our available financial resources, and we believe that a tender offer is a prudent use of our available cash and an effective means of providing value to our stockholders," SRS Labs chief executive officer Tom Yuen said in the release.

Information agent for the tender offer will be Laurel Hill Capital Group, LLC, and the depositary will be American Stock Transfer. Craig-Hallum will act as the dealer manager.

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

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