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Stock Market & Financial Investment News

News For QLGC From The Last 14 Days
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February 25, 2015
17:37 EDTQLGCQLogic rallies after Avago says purchasing Emulex for $8 per share
Shares of QLogic (QLGC) are higher in the extended session after peer Emulex (ELX) agreed to be bought for $8 per share in cash by Avago Technologies (AVGO). WHAT'S NOTABLE: Emulex and QLogic both make products for network infrastructure. After the close, Avago Technologies (AVGO) and Emulex Corporation (ELX) announced that they have entered into a definitive agreement under which Avago will acquire Emulex in an all-cash transaction valued at approximately $606M. Under the terms of the agreement, which has been approved by the boards of both companies, a subsidiary of Avago will commence a tender offer for all of the outstanding shares of Emulex common stock for $8 per share in cash. Avago expects to fund the transaction with cash available on its balance sheet. PRICE ACTION: Shares of Emulex are higher by almost 25%, while QLogic shares are up almost 5% in extended trading. Avago is up almost 6% to $118.56.

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