Tuesday, May 5, 2009

Broadcom Offers $764M To Emulex Stockholders

Irvine-based Broadcom said Tuesday that it is taking its bid to acquire Emulex directly to its stockholders, and has launched a tender offer to acquire all of the outstanding shares of Emulex, in a deal worth approximately $764M. The offer came one day after being rejected by the board of directors of Emulex in its hostile bid. According to Broadcom, it is also seeking to amend Emulex Bylaws to set up a special meeting of stockholders. The new deal bypasses the board of Emulex, and will expire on Wednesday, June 3rd. Emulex rejected Broadcom's offer to acquire the firm Monday, calling the offer a "opportunistic attempt" which "significantly undervalues" the firm.