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02-21-2011, 04:26 AM
LONDON (MarketWatch) -- U.K. wireless technology company CSR PLC said Monday that it's agreed to by Zoran Corp. in an all-stock deal worth $679 million. CSR said Zoran investors will receive 1.85 of its own shares for every shares of Zoran stock that they hold. Based on CSR's closing price on Friday, the deal is worth $13.03 a share, or a 40% premium to Zoran's closing price on Friday of $9.32. CSR said it also plans to buy back up to $240 million of its ordinary shares during the next 12 months via an on-market buyback program. The share buyback is intended to achieve an overall financial impact on the group equivalent to buying Zoran for 65% stock and 35% cash. CSR said the deal is expected to generate cost savings of $50 million a year by the end of 2011 and to provide "strong double digit" growth in earnings per share in 2012.
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