Broadcom (BRCM) this morning announced an unsolicited $9.25 a share cash offer to acquire Emulex (ELX). The deal has a total value of $764 million. The offer is 40 percent above yesterday’s closing price for ELX at $6.61.

Broadcom says that it believes “its leadership in Ethernet networking, together with Emulex’s deeper expertise in Fibre Channel storage networking, will enable the combined company to accelerate the development of converged solutions for enterprise networks.”

Broadcom says it believes the deal would be accretive in 2010. The deal would be funded by cash and securities on hand.

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In a stunning turn of events, Oracle (ORCL) this morning announced perhaps its most aggressive acquisition yet, agreeing to acquire Sun Microsystems (JAVA) for $9.50 a share in cash, or $7.4 billion. Net of balance sheet cash and debt, the deal is worth $5.6 billion. The news follows the reported recent collapse of talks between IBM (IBM) and Sun.

Oracle said it expects the deal to be at least 15 cents accretive to earnings on a non-GAAP basis in the first full year after closing, contributing over $1.5 billion to non-GAAP profit in the first year, and over $2 billion in the second year.

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For Sun Microsystems (JAVA), it has come down to this: The stock is now trading for the net value of the cash and investments on its balance sheet.

As of Sept. 30, the company had $2.63 billion in short-term cash and investments. Add in $490 million in long-term investments, and back out $694 million in long-term debt, and you get net cash of $2.486 billion.

JAVA shares today have dropped another 34 cents, or 9.2 percent, to $3.38. It’s current market cap: $2.49 billion.

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