CSR Plc on Friday said its offer to buy Zoran Corp. Zoran Corp. has been cut nearly 30 percent to a deal valued at $484 million.
Zoran (NASDAQ:ZRAN) shareholders will now get $6.26 in cash and 0.589 ordinary shares of the British personal wireless technology company in the form of ADRs for each Zoran share.
The original Feb. 21 deal called for $9.19 a share and was valued at $679 million.
Sunnyvale-based Zoran last month reported a first-quarter loss of $30.4 million, or 62 cents a share, widened from a loss in the same period last year of $4 million, or 8 cents a share. Revenue dropped to $84.9 million, down from the year-ago quarter's $90.5 million.
Zoran stock closed at $7.20 a share on Thursday. The company makes chips used in digital cameras and DVD players.