Ramius Sues To Replace Zoran Directors

Law360, New York (March 4, 2011, 7:54 PM EST) -- New York-based hedge fund Ramius Value & Opportunity Master Fund Ltd. sued chip-maker Zoran Corp. in Delaware on Thursday seeking to push through a slate of Ramius-approved board members, while Zoran pursued a $679 million merger with a British firm.

Zoran had no choice but to accept the three new board members because they were backed by a majority of stockholders, the fund said in a complaint filed in the Court of Chancery of the State of Delaware.

Zoran alleged that the consents to Ramius' proposals,...
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