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Palm Pre
Palm finds a buyer

It's been a rough year for Palm. The company has been hit with staggering losses, it hasn't been able to move inventory, and executives have been bailing left and right. However, there appears to be light at the end of the tunnel.

HP just announced today that it plans to acquire Palm for $1.2 billion USD. Most in the tech community were practically begging for HTC to snap up the struggling smartphone maker, but in the end, it was HP that prevailed.

Palm shareholders stand to get $5.70 per share in the deal, which is a pretty nice premium considering that the stock closed at $4.65 on Tuesday.

"We're thrilled by HP's vote of confidence in Palm's technological leadership, which delivered Palm webOS and iconic products such as the Palm Pre. HP's longstanding culture of innovation, scale and global operating resources make it the perfect partner to rapidly accelerate the growth of webOS," said Palm Chairman and CEO Jon Rubinstein. "We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners."

"Palm's innovative operating system provides an ideal platform to expand HP's mobility strategy and create a unique HP experience spanning multiple mobile connected devices," continued Todd Bradley, executive vice president of HP's Personal Systems Group. "And, Palm possesses significant IP assets and has a highly skilled team. The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market."

For those that were wondering, Palm CEO Jon Rubinstein will be sticking around after the acquisition.

With Dell seemingly prepared for World War III with a slew of new Android and Windows Phone 7 phones on the way, it should be interesting to see what archrival HP will do with Palm's technology in the coming months and years.



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Oh well
By DeathBooger on 4/29/2010 2:21:08 AM , Rating: 0
I own a Palm Pre. Actually on my 3rd one. It's the crappiest phone I've ever owned. The software is okay. The hardware is a joke. Two of them decided to break with no fault on my own. It takes about 10 seconds for the phone to enable the phone app. It's a joke. It's a dumb company being bought out buy a Walmart brand company, nothing more. I'll sell it to some schmuck for a $100 on craigslist in the summer when the next iPhone comes out.




RE: Oh well
By inperfectdarkness on 4/29/2010 8:49:43 AM , Rating: 5
if you're selling your palm to buy an iphone (and not an HTC)....i have to ask,

who is the bigger idiot?


RE: Oh well
By DeathBooger on 4/29/10, Rating: 0
"Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple." -- Investment guru Jim Cramer














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