Friday, June 5, 2009

Emulex: New Broadcom Info "Littered" With Misleading Statements

Costa Mesa-based Emulex is continuing its campaign against Broadcom's hostile takeover bid of the firm, releasing a note Thursday saying that presentation materials issued this week by Broadcom are "littered with misleading statements and mischaracterizations." Emulex President and CEO Jim McCluney reiterated that the firm believes that Broadcom's tender offer is "inadequate," and also said that Emulex's request for a consent solicitation and special shareholder meeting is just an attempt to replace the firm's board with its own nominees. McCluney also said that the "hostile takeover attempt is opportunistic and unacceptable." The statements came as Broadcom extended its tender offer for Emulex, after it only received a response of less than three percent of Emulex shares.

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