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Monday, October 27, 2014

EU clears Dolby to purchase cinema technology group Doremi, (NYSE: DLB)

Dolby Laboratories on Monday received EU clearance for its acquisition of digital cinema technology group Doremi, the European Commission said. The Commission, which acts as the competition watchdog in the 28-member bloc, said that while there was overlap between the two companies in the digital cinema servers business, the merger did not distort the market."The proposed transaction would not lead to any anti-competitive effects because of the presence of alternative suppliers, the fast-moving nature of the market and the ease of switching for customers," the Commission said in a statement on Monday.In February, Dolby said it had agreed to aquire Doremi for $92.5 million in cash and $20 million in contingent consideration.

Dolby Laboratories, Inc. designs and manufactures video and audio products for the film production, cinema, and television broadcast industries. Shares of DLB traded higher by 0.25% or $0.1/share to $40.42. In the past year, the shares have traded as low as $34.77 and as high as $47.29. On average, 356773 shares of DLB exchange hands on a given day and today's volume is recorded at 32364.