In McGregor's letter to Paul Folino, executive chairman of Emulex's board of directors, he indicated that Broadcom is prepared to pursue a hostile acquisition campaign if the board doesn't capitulate. McGregor referred to an earlier attempt in recent months by Broadcom to acquire Emulex:
" We sought to engage you and your Board of Directors in discussions in late December regarding a potential combination of Emulex with Broadcom," McGregor wrote. "We were disappointed when, in early January, you responded that the company was not for sale and abruptly cut off the possibility of further discussions." McGregor added that Emulex had then adopted "poison pill" and other measures to thwart Broadcom's overtures.
In another development Tuesday, Broadcom reported a first-quarter loss of $91.9 million on revenue of $853.4 million. In the year-earlier quarter, it reported a $74.3 million profit and revenue of $1.03 billion.
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