Thursday, July 9, 2009
Broadcom Drops Emulex Acquisition Efforts
Irvine-based Broadcom said today that it will drop all of its efforts to acquire Emulex, after today's rejection by Emulex to enter into "friendly discussions" on an acquisition. Broadcom gave an ultimatum, saying that its $11-per-share offer to acquire Emulex, which it had announced on June 29th, would expire at midnight Eastern Time on July 14th. Broadcom had bumped its offer to Emulex to $11 per share, up from $9.25 per share, on June 29th, saying at that time that the proposal was its "best offer." Broadcom launched its hostile, and often contentious bid for Emulex in April.