SRS Labs Acquired By DTS

Santa Ana-based SRS Labs, the developer of audio processing and enhancement technology, is being acquired by fellow audio processing firm DTS, in a deal worth approximately $148M, the firms said this morning. SRS and Calabasas-based DTS said that DTS will pay cash and stock valued at $9.50 per share for SRS Labs, a premium of 38 percent per share over SRS Labs' price as of close of trading Monday. Both SRS and DTS license their technology to electronics manufacturers for implementing surround sound and other audio processing. DTS was advised by Centerview Partners, DLA Piper LLP, and Gibson, Dunn & Crutcher LLP in the deal; SRS Labs was advised by Covert & Co. and Paul Hastings LLP.