Tuesday, April 21, 2009
Broadcom 8K - Broadcom Offers to Acquire Emulex for $9.25 in Cash
Broadcom Corporation (Nasdaq: BRCM) today announced that it has made a proposal to the Emulex Corporation (NYSE: ELX) Board of Directors to acquire all the outstanding shares of Emulex common stock for $9.25 per share in cash, representing a total equity value of approximately $764 million. The offer represents a 40 percent premium above the closing price of Emulex common stock on April 20, 2009, a 62 percent premium to trailing 30 day average price per share and an approximately 85 percent premium to enterprise value. Broadcom believes that its leadership in Ethernet networking, together with Emulex’s deep expertise in Fibre Channel storage networking, will enable the combined company to accelerate the development of converged solutions for enterprise networks.
Posted by Roy Kaller at 5:37 PM