COSTA MESA, Calif., May 26, 2009 (GLOBE NEWSWIRE) -- Emulex Corporation today sent a letter to its stockholders continuing to urge them not to tender their shares into the unsolicited, non-binding $9.25 per share tender offer from Broadcom Corporation. Emulex also continued to urge its stockholders not to consent to Broadcom's related solicitation, which aims to ultimately remove Emulex's entire Board of Directors and appoint in its place nominees hand-picked by Broadcom, who Emulex believes will accept Broadcom's grossly inadequate offer. The Company also corrected numerous inaccurate statements made by Broadcom as part of Broadcom's campaign to mislead Emulex stockholders, and detailed the significant value Emulex expects to deliver through its strategic roadmap for its core business and opportunities in the converged networking market. The text of the letter is below.
May 26, 2009
Dear Fellow Stockholder,
We appreciate the feedback we have been receiving from many of you regarding Emulex's value creation strategy and the broad support for the Board's unanimous recommendation to reject Broadcom Corporation's unsolicited tender offer of $9.25 per share. We are pleased to hear from the stockholders we have spoken with that you agree that Broadcom's offer significantly undervalues Emulex and that it is an opportunistic attempt to capture significant value that rightly belongs to all of you. We continue to strongly urge you to NOT tender your shares into Broadcom's tender offer.
In addition to its grossly inadequate tender offer, Broadcom's hostile takeover attempt also consists of a consent solicitation that aims to ultimately remove Emulex's entire Board and appoint in its place nominees hand-picked by Broadcom. We believe these nominees, if elected, will pursue Broadcom's self serving agenda of acquiring Emulex on-the-cheap to the detriment of Emulex's stockholders. Please understand that providing your consent to Broadcom will increase Broadcom's leverage and provide no benefit to you. We therefore continue to strongly urge you NOT to consent to their solicitation.