Chipmaker Broadcom Corp said on Thursday that it had extended the deadline of its tender offer for storage technology company Emulex Corp by about two weeks, amid little sign that shareholders are warming to the hostile bid.
Broadcom pushed its deadline to July 1 for the cash offer of $9.25 a share, saying that about 2.3 million shares had been tendered by 5 p.m. on Wednesday. That is less than 3 percent of Emulex's outstanding shares, and about the same ratio that had been attracted when Broadcom last extended its deadline on June 4.
Emulex had urged shareholders to reject the $764 million offer as grossly inadequate.
Shares of Emulex were down 1 cent at $10.60 in morning New York Stock Exchange trade, up from $6.61 on April 20, the day before Broadcom made its buyout offer public.
(Reporting by Franklin Paul; Editing by Lisa Von Ahn)