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back to article Emulex tells Broadcom to go away

Emulex' board of directors has unanimously rejected Broadcom's takeover offer because it "significantly undervalues Emulex and is not in the best interest of Emulex stockholders." Interesting. Does Emulex want more cash? Broadcom is offering $9.25 per share in cash. Emulex exec chairman Paul Folino said: "It is an opportunistic …

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Are these statements under things called...

'Safe Harbor'.

God help the 'Stockholders' if they want to make any sense of the ensuing blither. Who are these 'Stockholders' anyway?

"Significantly undervalues Emulex and is not in the best interest of Emulex stockholders."

Plus there is a good chance we 'The Management' will get the boot and, since we know the share price is inflated for reasons we won't go into, fortunately we are legally forced not to tell you, or the prospective purchaser, how bad this shit might be.

And don't even bother mentioning that we have not exercised our options..... yet. We just want an extra bit of 'bye bye' money when we do get booted, or absorbed into the 'new' company for more gravy and can exercise those rights, or not.

If it gives our Stockholders, and us, some more than what we might have been worth, according to someone else, then so much the better..... isn't it?

Oh do stop playing games.

"Your unsolicited proposal is an opportunistic attempt to take advantage of Emulex’s depressed stock price due to unprecedented macroeconomic conditions. Your proposal is approximately 37 per cent below the Company’s 52-week high of $14.74 per share."

Yah Yah Yah

16-May-08 14.38 14.74 14.28 14.60 1,415,200

http://www.google.com/finance/historical?q=NYSE:ELX&start=225&num=25

Good job you slipped that one in in the 52 week period..... Hows about this one?

11-Mar-09 4.92 5.17 4.86 5.12 2,562,612

Slap me with a kipper.... it looks like Broadcom are offering 100% more than your 52 week low and it also, might, look like they are only being forced to do that because 'something else' has been going on in the background.

http://www.google.com/finance/historical?q=NYSE:ELX&start=0&num=25

29-Apr-09 10.56 10.83 10.42 10.50 3,467,764

28-Apr-09 10.50 10.68 10.25 10.45 3,791,549

27-Apr-09 10.13 10.48 10.08 10.36 2,267,504

24-Apr-09 10.14 10.38 10.00 10.31 3,233,735

23-Apr-09 10.26 10.26 9.90 10.02 4,877,558

22-Apr-09 9.73 10.41 9.62 10.13 13,372,727

21-Apr-09 9.44 9.75 9.25 9.70 42,231,884

20-Apr-09 6.99 7.01 6.50 6.61 1,456,954

17-Apr-09 7.05 7.25 6.94 7.13 741,473

16-Apr-09 6.71 7.19 6.71 7.07 1,460,984

15-Apr-09 6.82 6.94 6.55 6.66 2,317,073

14-Apr-09 6.85 6.97 6.73 6.89 1,872,794

13-Apr-09 6.70 6.97 6.58 6.97 1,973,154

10-Apr-09 6.66 6.66 6.66 6.66 0

9-Apr-09 6.11 6.66 6.11 6.66 2,308,423

8-Apr-09 5.25 6.08 5.10 6.06 2,601,902

7-Apr-09 5.58 5.72 5.54 5.54 536,611

6-Apr-09 5.82 5.92 5.57 5.68 815,447

3-Apr-09 5.59 5.92 5.45 5.92 1,076,926

2-Apr-09 5.28 5.66 5.26 5.59 858,545

1-Apr-09 4.96 5.18 4.82 5.14 855,369

31-Mar-09 5.20 5.24 4.92 5.03 924,822

30-Mar-09 5.33 5.35 5.00 5.15 1,055,907

Not that that lot would 'suggest' that someone was busy during the build up to 21st April fudging about the place without the 'Stockholders' knowing about it. I mean like... that's only a 35% rise as the 'deal' is set in place.

There you go..... suck the punters in. Suck the punters in some more..... squeeze it just a little bit more then kill the deal. Oh dear, back down to $3 but thanks for the money. In the mean time we would recommend you sell the company off to Broadcom for the new offer price of $3.12. You get cash and we trade our options for options in Broadcom....

Err, what we meant to say was trading conditions are hard in the prevailing economic climate and like it's really hard and global stuff.... like. Oh and thanks for even more money.

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Anonymous Coward

@Camilla Smythe

Yeh, what she said. ^^^^^

A company is worth what people pay for it. At the moment Emulex worth less than Broadcom are offering. How can they say its worth more than that?

Greed?

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