UPDATE 1-Broadcom asks Emulex for confidential information

He said that Broadcom has the flexibility to change its offer terms at any time but declined to say how far Broadcom would go if it raised its bid.

"Of course we're going to be disciplined in our approach here, but we're willing to talk about all terms," he said.

The executive said that he'd like to get the consents from shareholders "in before the July 4th weekend."

If that happened, Emulex shareholders would be able to call a special meeting by the end of the summer, he said.

Broadcom said at the special meeting it would seek to have Emulex shareholders remove their board and elect an alternative slate of directors.

In a separate statement released on Tuesday, Emulex said it would hold its annual shareholder meeting on Nov. 19. It also urged shareholders not to respond to Broadcom's consent solicitation.

Instead, it asked shareholders to let Emulex know whether they are rejecting Broadcom's solicitation, to help keep it "informed of stockholder sentiment."

McGregor described scheduling the annual meeting as a "delaying tactic."

Broadcom is upping the ante with its latest disclosure after it had to extend its tender offer for Emulex shares by two weeks because the offer attracted less than 3 percent of Emulex's outstanding shares. It extended the tender offer deadline from June 3 to June 17. [ID:nN04191091]

Emulex shares were flat at $10.60 on the New York Stock Exchange on Tuesday afternoon. Its shares have risen from $6.61 before Broadcom made its bid public.

Broadcom shares were up $1.31, or 5.1 percent, at $27.13 on Nasdaq after its bigger rival Texas Instruments Inc (TXN.N) raised its forecast for the current quarter late Monday.

The company's chief financial officer Eric Brandt declined to give an update on Broadcom's financial forecasts when asked during a webcast of an investor conference.

"Until we see a sustained improvement in the economy, we'll continue to play defense," Brandt said. (Additional reporting by Anupreeta Das; Editing by Brian Moss and Gerald E. McCormick)