Broadcom still trying to woo Emulex shareholders

03.06.2009
Broadcom turned up the heat Wednesday in its attempt to convince Emulex shareholders to allow Broadcom to purchase the company, as the chance of an amicable outcome to its unsolicited takeover bid appeared even more remote.

Broadcom again asked Emulex's shareholders to approve a proposal that would allow them to present their views on the merger at a special meeting. Emulex's board of directors has rejected Broadcom's offer to buy the company for US$9.25 per share.

Broadcom also presented a new analysis that it said shows its all-cash offer of about $764 million would be more advantageous for shareholders than leaving Emulex as a standalone company.

Broadcom presented its case in papers filed with the U.S. Securities and Exchange Commission and .

"Our proposals in the Consent Solicitation would give Emulex stockholders the ability to be heard in the most important matters affecting their investment," Broadcom President and CEO Scott McGregor said in a statement. "Contrary to misleading statements by Emulex about our proposals, support for the consent solicitation does not obligate Emulex stockholders to tender their shares to Broadcom or to elect new Board members."

Emulex did not immediately reply to request for comment Wednesday.