Zoran Corporation and Oak Technology today announced that the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act regarding antitrust issues expired at 11:59 p.m. Eastern Time on June 23, 2003. This satisfies U.S. premerger notification requirements for the proposed merger between Zoran and Oak.

On May 5, 2003, Zoran and Oak announced an agreement in which Oak would merge with Zoran subject to the satisfaction of certain conditions. The expiration of the Hart-Scott-Rodino waiting period was one condition to completion of the merger.