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Rigrodsky & Long, P.A. Investigates Sonic Solutions Buyout

^{Published on 2010-12-23 07:06:21 - Market Wire}
 

WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of Sonic Solutions (aSonic Solutionsa or the aCompanya) (Nasdaq: [ SNIC ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companya™s entry into an agreement to be acquired by Rovi Corporation (aRovia) in a transaction valued at approximately $720 million. Click here to learn how to join the action: [ http://www.rigrodskylong.com/news/SonicSolutions-SNIC ].

Under the proposed agreement, Rovi intends to commence an exchange offer for all of the outstanding shares of Sonic Solutions in January 2011, which will remain open for at least 20 business days. Sonic Solutions shareholders may elect to receive either $14.00 or 0.2489 shares of Rovi common stock for each share tendered and accepted in the exchange offer, subject to proration and adjustment pursuant to the definitive agreement. Cash consideration paid in the exchange offer will equal 55% of the aggregate value of consideration paid in the exchange offer and stock consideration issued in the exchange offer will equal 45% 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 investigation concerns whether Sonic Solutionsa™ board of directors failed to adequately shop the Company and obtain the best price possible for Sonic Solutionsa™ shareholders before entering into the agreement with Rovi. Indeed, Sonic Solutions directors and senior management, who own approximately 11.2% of Sonic Solutionsa™ total equity, have agreed with Rovi to tender their shares and to vote any remaining shares that they own for the merger. Moreover, according to Yahoo! Finance, at least one analyst has set a price target of $17.00 per share for Sonic Solutions stock.

If you own the common stock of Sonic Solutions and purchased your shares before December 23, 2010, 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 [ Seth D. Rigrodsky, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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