Emulex (ELX +3.5%) has reached a deal with activist investor Elliott Associates, which has...

|About: Emulex Corporation (ELX)|By:, SA News Editor

Emulex (ELX +3.5%) has reached a deal with activist investor Elliott Associates, which has amassed a double-digit stake in the struggling storage adapter card/switch maker. In exchange for expanding its board to include two Elliott-backed directors - Eugene J. Frantz and Gregory S. Clark - Elliott has agreed not to wage a proxy battle for the sale of the company until March 2014, to wage other proxy contests until Aug. '13, or to raise its stake above 15%.