May 18, 2009 (FinancialWire) — Emulex Corp. (NYSE: ELX) board of directors last week recommended Emulex stockholders reject a Broadcom Corp. (NASDAQ: BRCM) $9.25 per share cash tender offer and related consent solicitation. The board had previously signaled their displeasure with the unsolicited offer.

In its latter statement, Emulex added to its list of earlier reasons for rejecting the offer that Broadcom’s deal created “substantial uncertainty as to whether Broadcom would be required to consummate the Offer.”

In its original outcry, Emulex said the offer:

Significantly undervalues Emulex’s long-term prospects and does not adequately compensate stockholders for their shares;

Is opportunistic, given that Broadcom was aware of significant new non-public design wins by Emulex in converged networking prior to

  making its proposal on April 21, 2009;

Does not compensate Emulex’s stockholders for a range of other initiatives being undertaken by Emulex that will start to meaningfully impact earnings within the next year and beyond;

Is clearly timed to take advantage of Emulex’s depressed stock price, which has been impacted by the current unprecedented negative macroeconomic conditions;

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