UPDATE 5-Broadcom turns hostile after Emulex rebuffs bid

* Starts tender offer to Emulex shareholders at $9.25/shr

* Emulex shares close at $10.77, Broadcom at $24.20

* Emulex advises shareholders to take no action (Adds Emulex response, closing share prices)

By Sinead Carew

NEW YORK, May 5 (Reuters) - Broadcom Corp's (BRCM.O) $764 million bid for Emulex Corp (ELX.N) turned hostile on Tuesday as the chipmaker took its offer directly to Emulex shareholders at the same price that the company had rejected.

Shares of Emulex, which supplies storage technology, rose 2 cents to close at $10.77, staying above Broadcom's $9.25-a-share offer in expectations of a higher bid from Broadcom or another company. Broadcom shares closed up 1 percent, or 26 cents, at $24.20.

"While we much prefer to arrive at a negotiated agreement with Emulex, the Emulex board has left us with no choice but to ask Emulex stockholders to call for a special meeting of stockholders so that they can consider the merits of our offer for themselves," Broadcom Chief Executive Scott McGregor said in a statement.

Emulex issued its response after the market closed on Tuesday, advising shareholders to take no action.

The company added it will review Broadcom's consent solicitation and make its recommendations in due course.