Dolby Announces Takeover Offer of Lake Technologies

Oct 2, 2003 12:00 PM, Editors

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Dolby Laboratories Inc. has announced a cash takeover offer for Lake Technology Limited for approximately Aus$17.6 million. Dolby already owns 14.99% of Lake.

Chairman of Lake, Russel Ingersoll, said, "Dolby and Lake have long had a close commercial relationship. Lake welcomes Dolby's interest in Lake, evidenced by its previous investments in the company and now this offer from Dolby."

Lake's Board will appoint an independent expert to provide an opinion as to whether the offer is fair and reasonable. If the expert determines that the offer is fair and reasonable, the Board intends to recommend the Dolby offer in the absence of a higher offer. Lake has appointed Clayton Utz as its legal advisor. Dolby has appointed Macquarie Bank Limited as its exclusive financial advisor and Mallesons Stephen Jaques as its legal advisor.

If the Board recommends the offer, it intends to support an accelerated timetable for the offer and will agree to the joint dispatch of a bidder's and target's statement to shareholders. The Board recommends that shareholders do not take action until they receive a target's statement from Lake.

Further details of the offer can be found at www.dolby.com. Visit Lake Technologies online at www.lake.com.

In other Dolby news, the company has acquired Cineaa, a start-up content-protection and anti-piracy technology company based in Virginia. Cinea will operate as a wholly owned subsidiary of Dolby Laboratories, with Cinea personnel and offices remaining in Virginia. Cinea CEO and founder Robert Schumann will become head of the new Dolby subsidiary, reporting to Tim Partridge, VP of the the Professional division at Dolby Laboratories.

"Content is increasingly being delivered digitally, and unauthorized use of digital content can have serious consequences for the content owner. Content protection has thus become an ever more important element in enabling the delivery of high-quality entertainment," said Partridge. "Cinea has proven its expertise in this important area, and is an ideal complement to Dolby's audio and image expertise.

"Our studio customers have made it clear that piracy is the most important problem they face today," Partridge continued. "Dolby has a long history of meeting the needs of the film industry through technical innovations such as stereo, surround sound and digital audio. Content protection is another area where innovative and comprehensive solutions are clearly needed."

"Cinea's mission is to provide world-class anti-piracy tools and services to our studio customers," said Schumann. "Dolby's unsurpassed reputation for quality and customer service—and proven ability to bring practical solutions to market—will allow Cinea to expand the scope of our offerings and provide our customers with quality solutions worldwide."






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