Creative cannibalizes Aureal

— 6:30 AM on September 22, 2000

After suing Aureal for patent infringement, losing in court, but forcing the little company to run out of cash during litigation, Creative has now purchased the assets of Aureal to make sure Vortex technology doesn't find its way into a competing sound card. From the press release:

SINGAPORE. - September 22, 2000 - Creative Technology Ltd. (NASDAQ: CREAF) today announced that on September 21, 2000, the U.S. Bankruptcy Court for the Northern District of California, Oakland Division entered the final order approving the sale to Creative of substantially all of the assets of Aureal Semiconductor, Inc., including patents, trademarks and other intellectual property. The sale will also include settlement of all outstanding litigation claims between Aureal and Creative. Creative will pay US$28 million in cash, plus two new shares of Creative stock for every 100 outstanding shares of Aureal stock, or 208,079 shares of Creative stock.
Sad but true. Thanks to the cold, HardOCP for the link.
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