Cisco Systems, Inc. (NASDAQ:CSCO) reports that its Cisco Intelligent Automation for Cloud software solution has been chosen by Data#3 Ltd, which is one of Australia’s top information and communications technology companies, for use in its cloud services and data center business. The choice of Cisco reinforces Data#3’s goal of supplying industry-leading data center solutions and meeting the growing demand for hosted managed services and cloud services in Australia.
SRS Labs Inc. (NASDAQ:SRSL) and DTS, Inc. (NASDAQ:DTSI) reveal that they have reached a
definitive agreement in which the latter company will purchase all the outstanding shares of the former, in a cash-and-stock transaction priced at $9.50 a share (a premium of 38 percent per share over the close of trading on April 16), or for an amount of around $148 million in aggregate equity value, which includes acquired net cash of approximately $38 million as of Dec. 31, 2011. The cash and stock portions will be split in equal halves of the total consideration paid by DTS for SRS Labs’ outstanding shares. DTS common stock as a part of the deal was priced at $30.52 per share, which represented the closing price on April 12. All options and restricted share units will fully vest upon closing of the transaction, with holders entitled to cash payments. DTS projects that the acquisition will be accretive on a GAAP basis by next year, reinforced by a minimum of $8 million in estimated yearly combined cost synergies. Combined pro forma revenue for the company in its fiscal year 2011 was $129.8 million.
MEMC Electronic Materials Inc. (NYSE:WFR) benefits from its rival First Solar’s restructuring, as its shares jump. MEMC, which produces polysilicon wafers and builds solar plants, has beaten its rival, Market Vectors Solar ETF (NYSE:KWT) by almost a full percentage point year-to-date amid the solar stock upheavals.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares once again sell off on higher than average volume, as residuals of the Adam Feuerstein Internet drama play out.
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