HP Gets a Helping Palm: HP buys Palm for $1.2 Billion

By: Fast Lane Wireless
5/4/10

HP Inc. announced on April 28 that they will indeed buy out Palm Inc. for approximately $1.2 billion in delightful cash at $5.70 per share of Palm’s common stock.  Boards of directors at both HP and Palm have already approved of the transaction, and it said that Jon Rubinstein, CEO of Palm, will continue leading the company.  The merger is expected to help push HP further into the mobile phone industry where they are definitely lacking with just their iPAQ line.  On the other side, Palm has the PalmPre, Pixi, PrePlus, and Pixi Plus.  With Palm’s webOS and IP assets and HP’s gobal resources and fat banking account, both companies definitely have something to offer each other.  Todd Bradley, executive VP of Personal Systems Group at HP, praises “Palm’s innovative operating system” as a launching pad for HP’s mobile phone expansion.  The deal isn’t complete but will expect to take place at the end of HP’s third fiscal quarter in July.  Palm’s stockholders and domestic/foreign regulators still need to approve of the merge.  Until then, we can only imagine what HP can hand to the table with an extra Palm.

http://www.hp.com/hpinfo/newsroom/press/2010/100428xa.html

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