Phoenix Revises Merger Agreement with Marlin Equity Partners for Increased Consideration of $4.20 per Share

Phoenix Technologies Ltd.

today announced it has executed an amendment to the definitive merger agreement previously entered into by the Company with affiliates of Marlin Equity Partners on August 17, 2010, and amended on October 21, 2010. Under the terms of the amended merger agreement, which Marlin proposed to Phoenix following the receipt by Phoenix of a definitive acquisition proposal from the Gores Group on November 1, 2010, Marlin matched Gores' offered price and will acquire all outstanding shares of Phoenix common stock for $4.20 per share in cash , or approximately $152 million in total consideration. The consideration under the original merger agreement was $3.85 per share in cash, or approximately $139 million in total consideration.