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Kendall Law Group Investigates Sonic Solutions Merger for Shareholders

^{Published on 2010-12-23 07:52:19 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating Sonic Solutions (NASDAQ: SNIC) for shareholders in connection with the proposed acquisition by Rovi Corp. The national securities firma™s investigation seeks to determine whether Sonic Solutions and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Sonic Solutions shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

On December 23, 2010, the companies announced the definitive merger agreement under which Sonic Solutions would be acquired by Rovi in a transaction valued at approximately $720 million. Under the terms of the agreement, Sonic Solutions may elect to receive either $14 or 0.2489 a share of Rovi (NASDAQ: ROVI) for each share of Sonic Solutions/SNIC common stock held. Rovi will pay 55% of the deal price in cash and 45% in stock. The offer price is a 26% premium over Sonic Solutions' December 22 closing price of $11.22. According to Thompson/First Call, analysts have set a price target as high as $17.00 per share for Sonic Solutions stock. The firm seeks to determine whether the transaction provides proper value for the company.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.