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Zoran Corporation Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by CSR PLC

^{Published on 2011-02-22 07:05:41 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Zoran Corporation (aZorana or aZRANa) (NASDAQ: ZRAN) related to the proposed buyout of Zoran by CSR PLC (OTC:CSR.L). The definitive acquisition agreement, which was announced on February 21, 2011, involves a total transaction valued at approximately $679 million. Under the agreement, Zoran shareholders will receive a fixed ratio of 1.85 shares of CSR in the form of American Depository Shares for each share of Zoran/ZRAN common stock they hold. The transaction is expected to close in the second quarter of 2011.

The investigation relates to the fairness of the proposed transaction to Zoran shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Zoran for approving this transaction, and whether Zorana™s Board of Directors acted in the shareholdersa™ best interests. This stock-for-stock transaction reportedly represents a value of approximately $13.03 per share to Zoran shareholders. However, Zoran shares have reportedly increased in value over 50% since approximately mid-October 2010, and the company recently reported a stronger than expected fourth quarter 2010 performance. Further, upon closing of the deal, Zorana™s current CEO, Levy Gerzberg, will join the board of directors for CSR. Based on these and other factors, the firms believe that the acquisition price may not be fair for Zoran shareholders.

If you currently own shares of Zoran/ZRAN and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.