NEW YORK, May 19 (Reuters) - Chipmaker Broadcom Corp urged shareholders of storage technology company Emulex Corp, which recently spurned its takeover offer, to scrutinize Emulex's latest growth outlook.
In a filing with the U.S. Securities and Exchange Commission, Broadcom also said Emulex shareholders should consider its all-cash offer for themselves.
It said Emulex's recent business forecasts were a 'set of new, rosy, 'hockey stick' projections which may or may not become reality sometime in 2012.'
Emulex said earlier that for fiscal 2012 it expects to earn $1.45 a share on revenue of more than $600 million.
'We encourage Emulex shareholders to evaluate these forecasts in light of Emulex's disappointing history of missing forecasts and its recent failure to grow either revenue or market share,' Broadcom said.
Emulex officials were not immediately available to comment after Broadcom's statement.
Last week, Emulex rejected Broadcom's $9.25-a-share takeover offer as 'grossly inadequate' and advised shareholders not to tender their shares to Broadcom or sign its consent cards.
The $764 million bid for Emulex turned hostile earlier this month as the chipmaker took its offer directly to Emulex shareholders at the same price that the company had previously rejected.
(Reporting by Ritsuko Ando; Editing by Steve Orlofsky) Keywords: EMULEX BROADCOM/ (ritsuko.ando@thomsonreuters.com; +1 646 223 6084; Reuters Messaging: ritsuko.ando.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In a filing with the U.S. Securities and Exchange Commission, Broadcom also said Emulex shareholders should consider its all-cash offer for themselves.
It said Emulex's recent business forecasts were a 'set of new, rosy, 'hockey stick' projections which may or may not become reality sometime in 2012.'
Emulex said earlier that for fiscal 2012 it expects to earn $1.45 a share on revenue of more than $600 million.
'We encourage Emulex shareholders to evaluate these forecasts in light of Emulex's disappointing history of missing forecasts and its recent failure to grow either revenue or market share,' Broadcom said.
Emulex officials were not immediately available to comment after Broadcom's statement.
Last week, Emulex rejected Broadcom's $9.25-a-share takeover offer as 'grossly inadequate' and advised shareholders not to tender their shares to Broadcom or sign its consent cards.
The $764 million bid for Emulex turned hostile earlier this month as the chipmaker took its offer directly to Emulex shareholders at the same price that the company had previously rejected.
(Reporting by Ritsuko Ando; Editing by Steve Orlofsky) Keywords: EMULEX BROADCOM/ (ritsuko.ando@thomsonreuters.com; +1 646 223 6084; Reuters Messaging: ritsuko.ando.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.