Feeds

Emulex eats 87% of Endace for Ethernet examinations

Elliott says no thanks

Beginner's guide to SSL certificates

Emulex has acquired ownership of 89 per cent of New Zealand-based Ethernet network traffic analysis company Endace. One of the 11 per cent holdouts is an Elliott Management subsidiary which also holds Emulex shares. It wants Emulex to stop spending on acquisitions and slip a few greenbacks into shareholders' wallets.

Endace CEO Mark Riley becomes an Emulex SVP and general manager of the Endace division of Emulex. Jim McCluney, Emulex's CEO, reckons the acquisition will double Emulex's total addressable market. While the bid to buy Endace has been ongoing, two activist shareholders in Emulex - Elliott Management and Altai Capital - have been agitating for a change in direction by Emulex, driven by a new board. They're hoping for an evaluation of strategic options including selling the company as a way of returning cash to shareholders or raising share value.

Now it turns out that an Elliott subsidiary, Elliott International LP, together with partner Liverpool Limited Partnership, owns 1,543,500 Endace shares - which is 10.14 per cent of the 15,220,068 shares of Endace outstanding. It has refused the Emulex acquisition offer so far, and has until 13.00 London time on 12 March, 2013 to submit its shares to Emulex's offer of 500 pence/share.

It reported its holding on 27 December, 2012, back when Endace shares were trading at 475p. If it accepts the Emulex offer it can book a likely £385,875 profit, less dealing costs. Endace is likely to be delisted from the London Stock Exchange soon. ®

Security for virtualized datacentres

More from The Register

next story
It's Big, it's Blue... it's simply FABLESS! IBM's chip-free future
Or why the reversal of globalisation ain't gonna 'appen
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
CAGE MATCH: Microsoft, Dell open co-located bit barns in Oz
Whole new species of XaaS spawning in the antipodes
Microsoft and Dell’s cloud in a box: Instant Azure for the data centre
A less painful way to run Microsoft’s private cloud
AWS pulls desktop-as-a-service from the PC
Support for PCoIP protocol means zero clients can run cloudy desktops
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.