Zoran Corp. (Nasdaq: ZRAN) shareholder Ramius LLC has won a battle in its effort to change Zoran's board of directors. The institutional investor obtained the requisite number of written consents from Zoran shareholders to remove Zoran's chairman and two directors and replace them with Ramius's nominees.
Ramius originally sought to oust six Zoran directors. Ramius owns 7.3% of Zoran, and obtained the support of shareholders owning more than 50% of Zoran's outstanding shares.
Ramius ousted Zoran chairman Uzia Galil, 86, who has been a director since 1983 and chairman since 1993; James Meindl, and Philip Young, both of whom have been directors since 1996. Ramius's nominee directors are Jon Castor, Dale Fuller, and Ramius Partner managing director Jeffrey Smith.
Last month, Zoran announced that CSR plc (LSE: CSR) would acquire the company for $679 million in shares.
Zoran has not responded to Ramius's coup.
Zoran's share price fell 1.2% on Friday to $10.90, giving a market cap of $533 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2011
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