See earlier posts on Zoran (ZRAN) dated 5/10/11 and going all the way back to 12/6/10; Nierenberg owns 5.1% of ZRAN shares.
Item 4. Purpose of Transaction
The Reporting Persons acquired their shares of Common Stock for investment purposes in the ordinary course of their business. The Reporting Persons reserve the right to increase or decrease their investment in the Company depending on market conditions and other factors that they may deem material, including circumstances affecting the Company and/or extrinsic factors such as developments in the Company’s industries and the economic environment, and to discuss the Company and their investment in the shares with the directors and executive officers of the Company and third parties.
Knowing what we know now, and not having had the opportunity to review an amended proxy which is not publicly available, we expect to vote our shares against the amended deal between CSR and Zoran.
We do not believe that the current deal reflects the true value of Zoran and believe that the Company, led by a new board of directors, should be given the opportunity to increase the stock price.