Broadcom Corp. has abandoned its two- month campaign to acquire Emulex Corp. after the target’s board rejected its latest offer as inadequate. Emulex fell the most in five years.

Broadcom ceased all efforts to buy Emulex and will focus on other options to boost growth, according to a statement Thursday. Emulex’s directors said the $11-a-share bid undervalued its long-term prospects and urged shareholders to reject the offer.

The Orange County companies both sell chips that help server and storage computers transfer data. Emulex, which has refused to negotiate, said it will consider offers that reflect its “full value.” The drop in the share price suggests investors aren’t expecting a higher bid.

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