Emulex Board Rejects Broadcom's $9.25 Per Share Tender Offer, Opposes Solicitation

COSTA MESA, Calif., May 15, 2009 (GLOBE NEWSWIRE) -- Emulex Corporation today announced that its Board of Directors unanimously recommends that Emulex stockholders reject the Broadcom Corporation $9.25 per share cash tender offer and related consent solicitation. After a thorough review with its financial and legal advisors, the Board determined that the tender offer significantly undervalues Emulex's long-term prospects and is grossly inadequate, and that the offer and related Broadcom consent solicitation are not in the best interest of Emulex stockholders. The Board therefore unanimously recommends that Emulex stockholders not tender their shares into the offer or sign any gold consent cards received from Broadcom.

The Board cited numerous reasons for rejecting the Broadcom offer, including that it:

* 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;