The maker of multimedia technology for PCs plans to acquire audio equipment maker Cambridge SoundWorks in a deal worth $38 million.
Cambridge SoundWorks is a speaker manufacturer and retailer known for its high-performance home theater, home stereo, and car stereo speaker systems. The company also manufactures multimedia speakers--MicroWorks, SoundWorks, and PCWorks--that use amplified subwoofer/satellite speaker technology, as well as sound, graphics, communication, and video-conferencing products.
Creative Technologies plans to offer $10.68 per share of Cambridge SoundWorks. The company expects the total acquisition offer to cost approximately $38 million. The offer, which begins on November 3, is set to expire at midnight EST on December 2.
Creative plans to acquire Cambridge SoundWorks through a wholly owned subsidiary of Creative. If the acquisition goes through, Creative intends to merge its subsidiary with Cambridge SoundWorks.
"The acquisition of Cambridge SoundWorks furthers Creative's goal of providing its customers with the highest quality PC audio experience for an unbelievable value," Sim Wong Hoo, chairman and CEO of Creative Technology, said in a statement,