Emulex Inc. (ELX) Thursday rejected Broadcom Corp.'s (BRCM) increased $912 million takeover offer, adding that the bid still undervalued its longer-term prospects.

Emulex shares were recently down 13% to $8.45, suggesting investors aren't expecting any higher offers. Chip maker Broadcom previously said its latest bid represented the best offer it intends to make.

Broadcom has been pursuing a takeover of Emulex since late last year, raising its bid 19% last month to $11 a share. After attempting a hostile takeover following Emulex's rejection of its earlier $9.25 a share bid, Broadcom raised the offer, dropped a lawsuit against Emulex and ended an attempt to replace its board.

Also Thursday, Emulex said its fiscal fourth-quarter results came in at the high end of its April projections, citing strong operational performance.

Emulex said its board has concluded the new offer "is not in the best interests of Emulex and its stockholders."

Broadcom didn't respond immediately to a request for comment.

Throughout the acquisition struggle, Emulex and Broadcom sparred over the extent to which Emulex would grow revenue based on forthcoming business resulting from Emulex's networking technology for data centers.

Emulex argued it had won current agreements with customers to use its technology at the expense of Broadcom's products. For its part, Broadcom questioned the extent to which these design wins would translate into growth for Emulex.

The takeover battle grew increasingly hostile, with Emulex and Broadcom both filing lawsuits related to the deal. But due in part to Emulex's shareholder-rights provision, often known as a "poison pill," it was unlikely that Broadcom would succeed in acquiring the company without the consent of Emulex's board.

Meanwhile, Emulex, which makes computer-data-center technology, sees results at the high end of an April forecast that was below analysts' then-expectations. That view was earnings, excluding items, of 1 cent to 5 cents a share on revenue of $73 million to $80 million.

The earnings estimate excludes a host of costs including expenses related to the Broadcom bid. Including the costs, Emulex will report a loss for the quarter ended June 28.

Broadcom shares were inactive premarket. They closed Wednesday at $23.35.

-By Jerry A. DiColo, Dow Jones Newswires; 212-416-2155; jerry.dicolo@dowjones.com

(Tess Stynes contributed to this report.)