May 7, 2009 (FinancialWire) — Emulex Corp. (NYSE: ELX) board of directors, with the assistance of its financial and legal advisors, has said no to the unsolicited, non-binding proposal received from Broadcom Corp. (NASDAQ: BRCM) to acquire Emulex for $9.25 per share in cash.

The company said the proposal “significantly undervalues Emulex and is not in the best interest of Emulex stockholders.”

In a letter to Broadcom, Emulex pointed out the proposal:

 * Significantly undervalues Emulex’s long-term prospects, particularly with respect to our opportunities in network convergence, which are more than doubling Emulex’s addressable market;

 * Is opportunistic given Broadcom is aware of significant new unannounced design wins that Emulex has secured with tier-one OEMs, at the expense of Broadcom and other competitors, and their potential long-term value creation for Emulex and its stockholders;

 * Is clearly timed to take advantage of Emulex’s depressed stock price during the current unprecedented macroeconomic conditions. Emulex’s stock price has traded well above the proposal price within the last twelve months.

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