NEW YORK, March 4, 2011 /PRNewswire/ -- Ramius Value and Opportunity Advisors LLC, a subsidiary of Ramius LLC (collectively, "Ramius"), today announced that it has received the requisite number of written consents from the shareholders of Zoran Corporation (Nasdaq : ZRAN ) to remove Uzia Galil, James D. Meindl and Philip M. Young from the Board of Directors of Zoran and to elect Ramius nominees Jon S. Castor, Dale Fuller and Jeffrey C. Smith in their place.
Ramius delivered consents by shareholders owning more than 50% of the Company's outstanding shares for the Removal Proposal with respect to Zoran directors Uzia Galil, James D. Meindl and Philip M. Young and the Election Proposal with respect to Ramius nominees Jon S. Castor, Dale Fuller and Jeffrey C. Smith. All proposals approved by the shareholders took effect upon Ramius' delivery of the consents to the Company on March 3, 2011.
"We greatly appreciate this strong display of shareholder support that validates our belief that changes to the composition of the Board are needed at Zoran," stated Ramius Partner Managing Director Jeffrey C. Smith. "We look forward to working constructively with the remaining incumbent members of the Board to ensure the best interests of all shareholders are represented. We are committed to working within the parameters of the current merger contract with CSR to ensure that Zoran shareholders get the best possible outcome."
ABOUT RAMIUS LLC
Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies. Ramius LLC is headquartered in New York with offices located in London, Luxembourg, Tokyo and Munich.
Peter Feld, 212-201-4878
Gavin Molinelli, 212-201-4828
SOURCE Ramius Value and Opportunity Advisors LLC