UK: CSR PLC and Zoran Corp. have entered into a merger agreement under which Zoran will merge with CSR for an equity value equivalent to approximately $679 million.
Under the terms of the nerger agreement, it is proposed that Zoran shareholders will receive 1.85 ordinary shares of CSR in the form of American Depositary Shares for each share of Zoran common stock held. In addition, CSR announces that it intends to return up to $240 million to shareholders via an on-market share buyback program.
CSR is a global leader in wireless connectivity and location. Zoran provides market-leading imaging and video technology for digital camera, home entertainment and multifunction printer products. In 2010, Zoran had total pro forma revenues of $441 million.
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