Emulex Will Sell 2 Million Shares of Stock

Emulex Corp., the Costa Mesa computer networking equipment and software maker, said Tuesday that it hopes to raise nearly $60 million by selling 2 million shares of its common stock.

The company plans to use the money for research and development and other general purposes, according to a Securities and Exchange Commission filing it made Tuesday.

Emulex expects to bring in $59.8 million, after expenses, based on Monday’s close price of $32.25. The company disclosed the offering after the stock markets closed Tuesday. It shares rose $2.13, or 6.6%, to $34.38. Emulex shares have gained 167% in the last six months.

In the filing, Emulex said it also could use some of the money to buy other companies or technologies, “although we currently have no commitments or agreements for any such acquisitions.”

The issuance of 2 million new shares will increase Emulex’s outstanding common shares by 32%, to about 8.2 million shares.

As part of the offering, Chairman Fred B. Cox plans to sell 100,000 of his shares, which would yield about $3.4 million before expenses based on Tuesday’s closing stock price.

If the offering is completed, Cox, 64, would cut his stake to 3%, or 245,000 shares. He now owns 345,000 shares, a 5.6% stake worth $11.9 million.

Emulex said it hired BancBoston Robertson Stephens Inc. to underwrite the stock sale, with Dain Rauscher Wessels, Morgan Keegan & Co. and Needham & Co.