UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 25, 2012
DOLBY LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-32431 | 90-0199783 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
100 Potrero Avenue
San Francisco, CA 94103
(Address of principal executive offices, including zip code)
(415) 558-0200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01 | Entry into a Material Definitive Agreement. |
On June 25, 2012, Dolby Laboratories, Inc., a California corporation and a wholly-owned subsidiary of the registrant (the “Company”) delivered an approval notice to evidence its commitment to proceed with the purchase of the property located at 1275 Market Street, San Francisco, California consisting of an approximately 354,000 rentable square foot building located on approximately 1.36 acres of land (together, the “Property”) from DWF III 1275 Market, LLC (the “Seller”) pursuant to an Agreement of Sale and Purchase dated as of June 8, 2012 (the “Purchase Agreement”) between the Company and the Seller. Prior to delivering the approval notice, the Company had the right, in its sole discretion, to elect whether or not to proceed with the transaction. Effective with the delivery of the approval notice and subject to the satisfaction of certain closing conditions, the Company has agreed to purchase from Seller all of its right, title and interest in and to the Property.
The purchase price for the Property is approximately $109.8 million, of which approximately $5.5 million was deposited into escrow following the execution of the Purchase Agreement and is generally non-refundable. The Company will pay the balance of the purchase price at closing, which is expected to occur on July 10, 2012, subject to the satisfaction of closing conditions, the execution of certain ancillary agreements and any extensions contemplated by the Purchase Agreement.
A copy of the press release announcing the entry into the Purchase Agreement is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference.
| Item 9.01 | Financial Statements and Exhibits. |
|
Exhibit No. |
Description |
|
| 99.1 | Press release of Dolby Laboratories, Inc. dated June 26, 2012 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DOLBY LABORATORIES, INC. | ||||||
| Date: June 26, 2012 |
/s/ Andy Sherman |
|||||
|
Andy Sherman Executive Vice President, General Counsel and Secretary |
||||||
EXHIBIT INDEX
|
Exhibit No. |
Description |
|
| 99.1 | Press release of Dolby Laboratories, Inc. dated June 26, 2012 | |
Exhibit 99.1
Media Contact:
Joshua Gershman
Dolby Laboratories
415-645-5611
joshua.gershman@dolby.com
Dolby Secures New Headquarters in San Francisco’s Mid-Market Neighborhood
San Francisco, June 26, 2012— Dolby Laboratories, Inc. (NYSE: DLB) today announced plans to purchase 1275 Market Street in the city’s mid-Market neighborhood from DivcoWest ® . Dolby will fully occupy the 354,000-square-foot building in one of the most thriving business communities in the world.
“Dolby technologies bring richness, realism, and immersion to entertainment in the cinema, at home, and on mobile devices,” said Kevin Yeaman, President and Chief Executive Officer, Dolby Laboratories. “This investment will support the company’s current needs and future growth by fostering a collaborative environment that will continue to attract and retain the best employees.”
“Dolby Laboratories has been a longtime member of the San Francisco business and technology community since establishing its headquarters in San Francisco in 1976. We are excited about Dolby Laboratories’ continuing and growing presence in the city and its contribution to revitalizing the mid-Market area,” said Ray Dolby, Founder and Director Emeritus.
In recent weeks, Dolby has introduced Dolby ® Atmos ™ , a new state-of-the-art audio platform that delivers an immersive, realistic cinema experience; announced a deal with Microsoft ® for distribution of Dolby technology in Windows ® 8; and unveiled the new Dolby Theatre SM in Hollywood.
“San Francisco-based Dolby is an important employer and business leader here in the ‘Innovation Capital of the World,’ and we appreciate the company’s continued commitment to job creation in our City,” said San Francisco Mayor Ed Lee. “Companies like Dolby are transforming the Central Market neighborhood into a vibrant hub for entertainment, culture, and innovation and are proving that our economic strategy for companies to start here, grow here, and stay here is working.”
About Dolby Laboratories
Dolby Laboratories (NYSE:DLB) is the global leader in technologies that are essential elements in the best entertainment experiences. Founded in 1965 and best known for high-quality audio and surround sound, Dolby creates innovations that enrich entertainment at the movies, at home, or on the go. For more information about Dolby Laboratories or Dolby technologies, visit www.dolby.com.
Dolby and the double-D symbol are registered trademarks of Dolby Laboratories. Dolby Theatre is a trademark of Dolby Laboratories. All other trademarks remain the property of their respective owners.