Broadcom, a semiconductor maker known for being highly acquisitive, launched an unsolicited takeover offer yesterday to buy Emulex, a storage equipment maker, for $764m in cash after it said Emulex spurned its private advances in January.

Scott McGregor, Broadcom's chief executive, said that the bid was part of Broadcom's efforts to spend some of its $2bn in cash on acquisitions during the economic downturn. Broadcom averages one acquisition per quarter, he said, but yesterday's bid marked its first public transaction.