HD Radio Parent, Tessera Technologies Is Looking For A New Name
October 4, 2016 at 4:13 AM (PT)
Two weeks ago (NET NEWS 9/20), ALL ACCESS tipped you that TESSERA TECHNOLOGIES and HD RADIO parent company DTS had entered into a definitive agreement under which TESSERA will acquire DTS for $42.50 per share, representing a 28% premium to DTS’s 30-day volume weighted average price as of SEPTEMBER 19, 2016. The all-cash transaction is valued at approximately $850 million.
Now, DTS CEO JON KIRCHNER is asking employees to suggest a new corporate name for TESSERA TECHNOLOGIES.
In a Schedule 14A filing with the SEC, KIRCHNER writes, "there will be a new corporate name and stock symbol to be adopted with the closing of this deal. We are asking that employees from both companies join together in the effort to help by submitting ideas for the new corporate name. While a branding firm will be engaged to assist in the process, we want your input! We are looking for the best brand name to support the company’s strategic direction, be distinctive, memorable and is a name we can own (web domain, etc.). This name will act as the master brand over the key subsidiary businesses – TESSERA TECHNOLOGIES, FOTONATION, INVENSAS and, subject to the closing of the acquisition (which we expect late in the fourth quarter of 2016 or early first quarter of 2017 and which is subject to regulatory approval as well as the approval of DTS’s stockholders and other customary closing conditions), DTS. Lastly as we consider a new future brand for the combined companies, I do want to emphasize that we expect to keep the DTS brand in relation to our existing audio technologies, as there is tremendous value associated with our 20+ years in the industry, our technologies and products. So, please be creative and participate in the process of defining our new corporate name."