PLANO, Texas - November 19, 2010 -- Microtune®, Inc. today announced that at the special meeting of stockholders held on November 19, 2010, its stockholders adopted the merger agreement with Zoran Corporation, dated September 7, 2010, pursuant to which Microtune will become a wholly-owned subsidiary of Zoran.
The affirmative vote of the holders of a majority of the outstanding shares of Microtune common stock was required to approve the proposal to adopt the merger agreement and approximately 75% of the outstanding shares of Microtune common stock as of October 18, 2010, the record date for the special meeting, were voted to approve the proposal to adopt the merger agreement.
Microtune and Zoran have agreed, subject to the satisfaction or waiver of certain conditions set forth in the merger agreement attached as Annex A to the Definitive Proxy Statement on Schedule 14A filed by Microtune with the Securities and Exchange Commission on October 19, 2010 and summarized in such Definitive Proxy Statement, that the merger contemplated by the merger agreement will close on or about November 30, 2010.
ABOUT MICROTUNE, INC.
Microtune, Inc. is a receiver solutions company that designs and markets advanced radio frequency (RF) and demodulator electronics for worldwide customers. Its products, targeted to the cable, digital television and automotive entertainment markets, are engineered to deliver high-performance and reliable video, voice and data signals across a diverse range of end products, from HDTVs, set-top boxes and cable modems to car radios. Microtune is headquartered in Plano, Texas, with key design and sales centers located around the world. The website: www.microtune.com or www.microtune.cn.
ABOUT ZORAN CORPORATION
Zoran Corporation, based in Sunnyvale, California, is a leading provider of digital solutions for the digital entertainment and digital imaging markets. With over two decades of expertise developing and delivering digital signal processing technologies, Zoran has pioneered high-performance digital audio and video, imaging applications and Connect Share Entertain technologies for the digital home. Zoran’s proficiency in integration delivers major benefits for OEM customers, including greater capabilities within each product generation, reduced system costs, and shorter time to market. Zoran-based DTV, set-top box, DVD, digital camera and multifunction printer products have received recognition for excellence and are now in hundreds of millions of homes and offices worldwide. With headquarters in the U.S. and additional operations in China, France, India, Israel, Japan, Korea, Sweden, Taiwan, and the U.K., Zoran may be contacted on the World Wide Web at www.zoran.com or at 408-523-6500.