Tuesday, March 8, 2011

Ramius succeeds in raid on Zoran board

SUNNYVALE, CA--(Marketwire - March 8, 2011) - Zoran Corporation (NASDAQ: ZRAN), a leading provider of digital solutions for applications in the digital entertainment and digital imaging markets, today confirmed that Ramius Value and Opportunity Master Fund Ltd, a Zoran stockholder, has delivered the requisite consents to elect three new independent directors to Zoran's Board of Directors in substitution for three of Zoran's current independent Board members.

"We welcome the new directors to the Zoran Board and look forward to working together on behalf of our stockholders," said Dr. Levy Gerzberg, president and chief executive officer of Zoran. "We would also like to thank our three departing board members for their many years of service and contribution to Zoran's success."

"We are pleased with the conclusion of the consent solicitation which will enable Zoran's executives to return all of their attention to running the business and serving Zoran's customers," said Jeffrey C. Smith, Ramius Partner Managing Director. "We look forward to working constructively with the Board and management."

As previously announced, Zoran has entered into a merger agreement under which Zoran will merge with CSR plc. Completion is expected in the second quarter of 2011 and is subject to the approval of CSR and Zoran stockholders, regulatory approvals and other customary closing conditions.