An investor of Microtune, Inc. (Public, NASDAQ:TUNE) filed a lawsuit in State Court against members of the board of directors of Microtune arising out of their attempt to sell Microtune, Inc. too cheaply to Zoran Corp.
Microtune, Inc., located in Plano, Texas, designs and markets receiver solutions for the cable, automotive entertainment electronics and digital television (DTV) markets. Microtune reported in 2006 $69.23million Total Revenue, in 2007 $91.14million, in 2008 $108.02million, and in 2009 $74.57million. According to the complaint the plaintiff alleges on behalf Microtune, Inc. (NASDAQ:TUNE) investors that the defendants breached their fiduciary duties owed to Microtune investors by selling Microtune via an unfair process at an unfair price Zoran Corp.
On Wednesday, September 8, 2010, Zoran Corporation (Nasdaq: ZRAN) announced that it has entered into a definitive agreement to acquire Microtune, Inc. (Nasdaq: TUNE). Under the agreement, Zoran Corpo will pay $2.92 in cash for each share of Microtune’s common stock (TUNE), resulting in a transaction price of $166 million, or $84 million net of cash acquired.

Shares of Microtune, Inc. (TUNE) traded on September 7, 2010, at close to $2.50 per share and increased after the announcement to $3 per share. But TUNE shares traded as recently as April 2010 above the current offer and TUNE shares traded during 2008 and 2007 above $6 per share.