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Technology Stocks : Creative Labs (CREAF) -- Ignore unavailable to you. Want to Upgrade?

To: Kulnor who wrote (6871)	12/10/1997 7:35:00 AM
From: DRRISK	Respond to of 13925

Dennis, I have a post of news today but nothing showing up on services. This is old but had not seen yet on thread: Creative Completes Tender Offer and Merger of Cambridge SoundWorks December 8, 1997 07:00 AM SINGAPORE, Dec. 8 /PRNewswire/ -- Creative Technology Ltd. CREAF , the world's leading provider of multimedia technology for the personal computer, today announced the successful completion of its cash tender offer to acquire all outstanding shares of Cambridge SoundWorks, Inc. HIFI not already owned by Creative and the related merger transaction. Creative's subsidiary, CSW Acquisition Corporation, purchased 2,716,187 validly tendered Cambridge SoundWorks shares and has merged with Cambridge SoundWorks making Cambridge SoundWorks a wholly-owned subsidiary of Creative. Creative said that after purchasing the tendered shares on Thursday, December 4, 1997 for $10.68 per share, Creative owned approximately 95 percent of the outstanding shares of Cambridge SoundWorks. The merger was completed on Friday, December 5, 1997, according to the short-form merger provisions of the Massachusetts General Corporation Law. In the merger, each share of Cambridge SoundWorks' common stock not held by Creative (other than shares as to which appraisal rights are perfected) was converted into the right to receive $10.68 in cash. Stockholders who did not tender their shares in the offer will receive a letter of transmittal with instructions for receiving the $10.68 per-share cash payment. Cambridge SoundWorks is the renowned speaker manufacturer and retailer famous for its high-performance home theater, home stereo and car stereo speaker systems as well as its critically acclaimed multimedia speakers. The multimedia speakers -- MicroWorks(TM), SoundWorks(R) and newly developed PC Works(TM) -- use premium-quality, amplified subwoofer/satellite speaker technology derived from the company's many years of experience in the home audio business. These speakers deliver a wide-range of truly convincing, phenomenally clear sound -- including crisp highs, a rich mid-range and remarkable bass -- all with an incredibly small footprint and at extremely affordable prices. "We are truly pleased now that Cambridge is a full-fledged part of the Creative team," said Sim Wong Hoo, chairman and chief executive officer of Creative Technology Ltd. "With the combined strengths of both companies, Creative now has all the components required to provide a completely new and exciting concept in PC audio -- a limitless, immersive, vivid audio experience Creative calls 'environmental audio.' The merger also gives us the opportunity to offer great audio experiences at very attractive mass market prices." "Joining the Creative family allows us to strengthen our position as an innovative manufacturer of home stereo, home theater and car stereo products, and helps us to achieve our goal of becoming the world's leading provider of multimedia speakers for the PC," said Thomas J. DeVesto, president and chief executive officer of Cambridge SoundWorks. "We aim to advance the art of speaker design to a new level and to explore novel ways of converging computer multimedia technology with speaker technology to create the most realistic, involving sound experience for our customers." Cambridge SoundWorks' offers the most critically acclaimed multimedia speakers in the consumer electronics and computer industries. The company's MicroWorks system recently received PC Computing magazine's "MVP" Award for 1997, Computer Gaming World's "4 / Star Award," as well as the "Editor's Choice" Award from PC Gamer magazine. The SoundWorks system received PC Computing's "Best" Award and the "Editor's Choice" Award from Macworld Magazine. The PC Works system received the "Reviewer's Choice" Award from Home PC Magazine, the "GameWorthy" Award from c/net and the "Editor's Choice" Award from PC Gamer magazine. Cambridge SoundWorks manufactures 33 different models of home stereo, car stereo, home theater and computer speakers. Its speakers and sound systems are also sold through the company's retail stores and through its national catalog. Creative Technology Ltd. is the world's leading provider of advanced multimedia solutions for personal computers, including sound, graphics, communications and video conferencing products. The company's Sound Blaster(R) technology has been accepted as the worldwide standard sound platform for PCs, and the company's global distribution network is among the most extensive in the multimedia industry. Creative is focused on enhancing the overall user experience by providing powerful, enabling, high-value technology for the mass market. DrRisk this baby is on the move big time hope 11th has no negative surprises