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Broadcom ceases effort to acquire Emulex

Posted: 14 Jul 2009     Print Version  Bookmark and Share

Keywords:acquisition  Broadcom Emulex negotiation  rejection Broadcom 

Broadcom Corp. said it would cease all efforts acquire Emulex Corp. following its rejection of Broadcom's offer to enter into friendly discussions towards a negotiated transaction.

Broadcom reiterated that its all-cash Rs.538.86-($11) per-share offer, announced on June 29, 2009, is the best offer it intends to make.

"As we stated in our letter of June 29, 2009 to the Emulex Board, we believe it is in the interest of each company's stakeholders to complete a transaction expeditiously or to move on," said Scott McGregor, president and CEO of Broadcom. "Although we were unable to negotiate an expeditious and friendly transaction at a price that makes sense to us given the expectations set by the Emulex Board, there are other value-creating alternatives that we will now turn our attention to as we position Broadcom to capitalise on the emerging opportunities in the converged enterprise networking markets."

Because of Emulex's rejection, coupled with its previous adoption of a poison pill and other revisions made to its corporate bylaws in January 2009, Broadcom does not expect that the conditions to close its tender offer will be satisfied by July 14, 2009, and Broadcom does not intend to waive any of these conditions. Assuming that the conditions are not satisfied on or before July 14, 2009, Broadcom will not accept for payment any shares that have been tendered and will return those shares as promptly as practicable after the tender offer expires.





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