Broadcom ends bid for Emulex

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.