Broadcom extends $9.25-per-share tender offer for Emulex to June 17

By Lisa Kerner

Charlotte, N.C., June 4 - Broadcom Corp. extended its tender offer for Emulex Corp. to 11:59 p.m. ET on June 17 from midnight ET on June 3.

Approximately 2,267,882 shares of Emulex had been tendered and not withdrawn in the offer as of 6 p.m. ET on June 3.

"We believe our all-cash offer of $9.25 net per share reflects a full and fair price for Emulex common stock," Broadcom president and chief executive officer Scott A. McGregor said in a company news release.

According to McGregor, the per-share offer price is a 40% premium to the closing price of Emulex common stock on April 20, the day before Broadcom made its offer public.

On Thursday, Emulex president and chief executive officer Jim McCluney accused Broadcom of issuing statements and presentation materials that were "littered" with misleading mischaracterizations "meant to distract Emulex stockholders from the core issues of value and leverage."

McCluney urged Emulex stockholders "to see through Broadcom's rhetoric" and not tender their shares in the "inadequate" Emulex offer.

As previously reported, Emulex also wants shareholders not to consent to Broadcom's related solicitation, which it believes is aimed at removing and replacing Emulex's entire board of directors with Broadcom's hand-picked nominees.

The new board would then accept Broadcom's offer, Emulex said.

Emulex is a Costa Mesa, Calif., storage networking company.

Irvine, Calif.-based Broadcom provides semiconductors for wired and wireless communications.

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