Broadcom (BRCM) Raises Offer for Emulex (ELX) to $11
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Broadcom Corporation (Nasdaq: BRCM) raised its tender offer for all of the currently outstanding shares of common stock of Emulex Corporation (NYSE: ELX) from $9.25 to $11.00 per share in cash, representing a total equity value of approximately $912 million.
This is the best offer Broadcom intends to make, reflecting Broadcom's assessment of the publicly available information on Emulex and the value Broadcom anticipates to itself from an expedited transaction. The offer represents a premium of 66% to Emulex's closing stock price on April 20, 2009, the day before Broadcom announced its initial offer.
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