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Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Sonic Solutions, in Connection with the Pro

^{Published on 2010-12-23 16:51:13 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Sonic Solutions (the aCompanya) (NASDAQ:SNIC) related to the Companya™s agreement to be acquired by Rovi Corporation (aRovia). The proposed cash-and-stock transaction is valued at approximately $720 million.

Under the terms of the definitive agreement entered into by the parties, Sonic Solutions shareholders may elect to receive either $14.00 or 0.2489 shares of Rovi common stock for each share they own of Sonic Solutions common stock, subject to proration and adjustment pursuant to the agreement. Cash consideration paid in the exchange offer will equal 55 percent of the aggregate value of consideration paid in the exchange offer, and stock consideration issued in the exchange offer will equal 45 percent of the consideration, with shares of Rovi common stock being valued at $56.24 (the average closing price of Rovi common stock over the 20 trading days ending immediately prior to the date of the agreement) for purposes of such calculation. The exchange offer is expected to close during the first quarter of 2011. Upon completion of the merger, Sonic Solutions will become a wholly owned subsidiary of Rovi. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Sonic Solutionsa™ board of directors.

If you are a shareholder of Sonic Solutions, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].