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Irvine's Broadcom extends tender offer for Emulex stock
Company's $9.25 per share bid will expire June 17.
By Kristen SchottPublished: June 04, 2009 10:31 AM
Irvine-based Broadcom's subsidiary Fiji Acquisition Corp. is extending its $9.25 per share tender offer for all of Emulex Corp.'s common stock until June 17.
The move comes deep in the battle between Broadcom and the Costa Mesa-based chipmaker, which has been going on since April, when Broadcom first made its $9.25 per share – or $764 million dollar – bid public.
After rejecting the offer, Emulex announced this week that it is taking its argument to a California court, requesting the offer be blocked. The company also seeks full disclosure from Broadcom.
Now Broadcom, which manufactures semiconductors for wired and wireless communications, has extended its proposal, which was previously set to expire June 3.
"We believe our all-cash offer of $9.25 net per share reflects a full and fair price for Emulex common stock," says Broadcom President and CEO Scott McGregor.
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The move comes deep in the battle between Broadcom and the Costa Mesa-based chipmaker, which has been going on since April, when Broadcom first made its $9.25 per share – or $764 million dollar – bid public. After rejecting the offer, Emulex announced this week that it is taking its argument to a California court, requesting the offer be blocked. The company also seeks full disclosure from Broadcom. Now Broadcom, which manufactures semiconductors for wired and wireless communications, has extended its proposal, which was previously set to expire June 3. "We believe our all-cash offer of $9.25 net per share reflects a full and fair price for Emulex common stock," says Broadcom President and CEO Scott McGregor. NEXT PAGE >> Related headlines 'OC METRO Minute,' June 1: Emulex, Broadcom continue battle Lake Forest's Digital Eye sees sales surge Sales of Orange County businesses fall 35 percent |
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