WESTLAKE VILLAGE, CALIF. — HD Radio parent DTS is no more, thanks to the approval of a majority of shareholders who gathered early Thursday morning at the Westlake Village Inn, some 45 minutes northwest of Los Angeles.
With their affirmation, Tessera Holding Corp., which is trading on Nasdaq with the ticker symbol “TSRA,” has completed its $850 million merger acquisition of the company.
With the disappearance of DTS, HD Radio is now under a new parent for the second time in 14 months.
DTS acquired HD Radio in October 2015 for $172 million.
That means shares in “DTSI,” which finished trading on Thursday (12/1) at $42.52, will be exchanged for Tessera shares.
As previously disclosed, Tessera plans to introduce a new corporate name, stock ticker, brand and logo during the first quarter of 2017.
“The combination of DTS and Tessera ushers in a new era for the company,” said Tom Lacey, CEO of Tessera Holding Corporation. “By uniting DTS’ industry-leading portfolio of premium audio technology solutions with Tessera’s best-in-class portfolio of imaging and semiconductor packaging and interconnect technologies, we will be able to execute on our vision of an integrated platform of smart enabled technologies.”
Jon Kirchner, formerly DTS’s Chairman/CEO, will now serve as president of Tessera Holding Corp.
Kirchner said, “DTS has always been a leading innovator in the audio space. We are proud to unite with Tessera to innovate a new generation of smart sight and sound solutions that will power the next wave of content delivery and electronic devices. These solutions will help deliver ever more immersive experiences and help transform how we interact with the rapidly growing number of connected devices at home, in the car and on the go.”
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