Irvine-based chipmaker Broadcom Corp. has extended by two weeks its offer to acquire shares of Costa Mesa? Emulex Corp. after nearly all of the company? shareholders passed on selling.
Less than 3% of Emulex investors sold their shares to Broadcom during the original offer period, which ended Wednesday.
Broadcom acquired about 2.3 million shares and needs at least 67% to get a deal done.
Broadcom extended the offer to June 17.
Most shareholders likely are holding out for a higher offer from Broadcom, which is looking to buy Emulex in a hostile $764 million deal.
Emulex had a recent market value of about $875 million as investors bet on a higher offer from Broadcom.
The takeover battle has grown increasingly nasty, with Emulex? management and directors urging shareholders to ignore Broadcom? solicitations and bringing up the company? stock options scandal and transgressions of prior management.
Broadcom charges that Emulex has failed to turn customer wins into growth.
*For more on Broadcom? appeal to Emulex shareholders,
read Wednesday? Business Journal article.
*For more on Emulex? case against Broadcom,
read Monday? Business Journal article.
