Shares of Sonic Solutions are Up 26% on Takeover Talk
Shares of digital media tech company Sonic Solutions (NASDAQ:SNIC) are soaring 26% on news Rovi Corp. (NASDAQ:ROVI) will buy the company for $720 million. Rovi specializes in interactive video systems and those ubiquitous parental controls. Now they can add DivX and Roxio to their revenue-generating assets. Bloomberg reports:
Rovi plans to use technologies available to its TotalGuide customers to power Sonic’s RoxioNow services, a move that will “result in accelerated uptake of premium content,” according to the statement.
The question now is whether someone will offer more than $14 a share for SNIC.
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Disclosure: No positions.