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Broadcom Offers to Buy Emulex for $764M

By The Associated Press | April 21, 2009

IRVINE, Calif. (AP) — Chip designer Broadcom is offering to buy Emulex for $9.25 per share, or $764 million. The offer represents a 40 percent premium over the network equipment maker’s closing share price Monday.

A spokeswoman for Costa Mesa, Calif.-based Emulex did not immediately return a call requesting comment on the offer.

Furthermore, Irvine, Calif.-based Broadcom says it lost about $92 million, or 19 cents per share, in the first quarter. That compares with a profit of $74 million, or 14 cents per share, in the year-earlier period.

Sales fell 17 percent to $853 million from $1.03 billion.

Analysts projected a profit of 3 cents per share on sales of $848 million.

The Emulex offer comes a day after Oracle offered to buy networking equipment maker Sun Microsystems for $7.4 billion.

More FirstNews 04/21/09:
•  T-Mobile Parent Lowers Expectations
•  Earnings Preview: AT&T to Report 1Q Results
•  LG Reports Quarterly Loss of $147M
•  Microsoft Offers Limited Version of Windows 7
•  Broadcom Offers to Buy Emulex for $764M
•  Mixed Feelings About Sun Setting in Silicon Valley
•  FirstNews Briefs for April 21, 2009

 

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