The Logic Off Topic list

18.12.2002
PINNACLE SYSTEMS AGREES TO ACQUIRE STEINBERG MEDIA TECHNOLOGIES

MOUNTAIN VIEW, CA and HAMBURG, GERMANY, December 18, 2002—-Pinnacle 
Systems, Inc. (NASDAQ: PCLE), announced today that it has entered 
into a definitive agreement to acquire all of the stock of Steinberg 
Media Technologies AG based in Hamburg, Germany. Steinberg 
specializes in digital audio software solutions for consumers and 
professionals. The companies expect to close the transaction in early 
January 2003 and have agreed on a total purchase price of 
approximately $24 million, consisting of $8.2 million in cash and 
$15.8 million of Pinnacle Systems common stock. At closing, Pinnacle 
Systems will acquire all products, software, and intellectual 
property rights, along with all other assets and liabilities of the 
company. Pinnacle will account for this transaction as a purchase in 
Pinnacle Systems' fiscal Q3, ending March 31, 2003. The Company will 
host a conference call at 2:00 p.m. (Pacific Time) on December 18, 
2002. The call in number is 800-634-1569, no password required. 

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  http://www.steinberg-ag.net/presse/press_section.phtml?
action=show&pressID=118