IRVINE, Calif. (AP) — Chip designer Broadcom is offering to buy Emulex for $9.25 per share, or $764 million. The offer represents a 40 percent premium over the network equipment maker's closing share price Monday.
A spokeswoman for Costa Mesa, Calif.-based Emulex did not immediately return a call requesting comment on the offer.
Furthermore, Irvine, Calif.-based Broadcom says it lost about $92 million, or 19 cents per share, in the first quarter. That compares with a profit of $74 million, or 14 cents per share, in the year-earlier period.
Sales fell 17 percent to $853 million from $1.03 billion.
Analysts projected a profit of 3 cents per share on sales of $848 million.
The Emulex offer comes a day after Oracle offered to buy networking equipment maker Sun Microsystems for $7.4 billion.