Thursday, June 4, 2009

Broadcom Extends Offer To Emulex Shareholders

Irvine-based Broadcom said Thursday that it will extend its tender offer to acquire all of the outstanding common shares of common stock of Emulex by two weeks, after the firm failed to get enough interest. According to Broadcom, it will extend its offer until 11:59pm on June 17th, saying in a statement that it believes its $9.25 per share offer is the "full and fair price" for Emulex. Broadcom launched its hostile bid for Emulex in April; Emulex rejected the offer, saying it "significantly undervalues" the firm, also claiming that Broadcom was issuing "misleading and inaccurate" statements about the firm.