British chipmaker CSR (CSR.L) will purchase Zoran Corp (ZRAN.O) for a reduced price of $484 million following a deterioration in the U.S. group's trading performance, the two firms said on Friday. Zoran shareholders will now get $6.26 in cash and 0.589 CSR shares in the form of American depositary shares for each Zoran stock they own. The two firms originally agreed in February an all-share deal worth $679 million. However, they said Zoran had since been hit by disruption due to March's earthquake in Japan and by Cisco Systems' (CSCO.O) decision to exit its Flip digital video camera product line.
Zoran Corporation is a provider of digital solutions in the digital entertainment and digital imaging market. Shares of ZRAN fell by 3.36% or $-0.25/share to $7.20. In the past year, the shares have traded as low as $5.98 and as high as $11.35. On average, 484358 shares of ZRAN exchange hands on a given day and today's volume is recorded at 698145.
Cisco Systems, Inc. designs, manufactures, and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. Shares of CSCO traded higher by 1.42% or $0.21/share to $15.05. In the past year, the shares have traded as low as $14.78 and as high as $26.00. On average, 76566496 shares of CSCO exchange hands on a given day and today's volume is recorded at 73024216.
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