Broadcom raises tender offer for Emulex

The saga of Broadcom and Emulex continues. Broadcom has upped the ante to $11.00 per share of Emulex ($9.25 per share was the previous offer), and dropped litigation against Emulex in a Delaware court, according to an Emulex press release this morning.

Emulex said it would review the revised offer, but I think it’s a long shot they’ll accept - it’s clear the Emulex board doesn’t want any part of merging with Broadcom. In the meantime, Emulex is advising its shareholders to take no action while it reviews the new bid.