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Consumer Corner: Foreclosure settlement no magic bullet for economy
IRVINE, Calif., July 9 (UPI) -- U.S. chipmaker Broadcom said Thursday it would discontinue its efforts to acquire Emulex Corp. in light of Emulex's recent rejection of a $11-per-share bid.
Broadcom said it had made it clear that the last bid was the best it could do in pursuit of the rival California chipmaker.
Broadcom President and Chief Executive Officer Scott McGregor said he had informed the Emulex board of directors last month it was time to "complete a transaction expeditiously or to move on."
"There are other value-creating alternatives that we will now turn our attention to," McGregor said.
Broadcom began its bidding for Emulex at $9.25-per-share on April 21, The Los Angeles Times reported. It raised its bid on June 29, setting a July 14 deadline for an agreement.
Broadcom, with 7,200 employees, makes semiconductors for telecommunications equipment, including cell phones. Emulex, with nearly 800 employees, makes computer chips designed to connect storage, servers and networks, the newspaper said.
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BAGHDAD, Feb. 14 (UPI) --
U.S. supermajor Exxon Mobil won't be able to take part in an oil and natural gas licensing auction scheduled for May in Iraq, a spokesman said.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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