CSR plc merger
On 21 February 2011, Zoran announced it was merging with CSR (company), a global leader in wireless connectivity (including WLAN and Bluetooth) and location chip technology such as GPS based in the UK.[4] At the time of the merger agreement, Zoran's board of directors was agitated by hedge fund Ramius LLC, which had said in a letter to the board that it believed Zoran's shares were undervalued.[27] Due to Zoran's decreased business outlook, the offer for Zoran was reduced to about $484 million in June from the originally agreed offer value of about $679 million (based on an all-stock transaction) under mutual agreement, although a significant cash component was introduced.[27] The merger was completed on 31 August 2011,[28] and Zoran now trades under the CSR banner with little mention of the original company name. Zoran described the transaction as a merger, but actually, it is a takeover according to CSR management.[citation needed]
After the merger, CSR executed substantial layoffs involving former Zoran employees. The discontinuation of the DTV and silicon tuner divisions was announced at the end of 2011, involving the layoff of 800 employees,[29] which some say caused CSR's share price to jump up substantially. Other divisions were cut as well, and as of the end of 2012, only the COACH (camera-on-a-chip) and Quatro (printer/imaging) product lines still existed. In December 2013 CSR announced it would discontinue development of the COACH platform,[30] with around 200 people being laid off. As of 30 June 2014, CSR had sold the COACH and related camera/video IPs to Qualcomm.
Finally, Qualcomm acquired CSR.