Posted on 30-Sep-2003 19:44
Filed under: News
Palm announced that its annual meeting of stockholders will be held on 28th October 2003. Key business of the meeting will be to vote to approve and adopt an agreement and plan of reorganization related to the distribution of Palm's shares of PalmSource common stock to Palm's stockholders as well as the acquisition of Handspring, Inc., and the issuance of shares of Palm common stock to Handspring stockholders.
The call for this meeting lists the following important points to be covered:
Palm and PalmSource believe that Palm's stockholders will realize benefits from the separation of the two companies, including:
Greater clarity of mission and focus for both businesses;
Increased speed and responsiveness to technology change and customer needs for both companies;
Increased number of potential licensees for the Palm operating system; and
More direct access to capital markets for both companies, given that they can be more easily understood by investors and securities analysts.
The Handspring merger is designed to create a stronger market leader in mobile computing and communications. The combination will put the Palm Solutions Group in a better position to pursue its objectives of growing the market, maintaining industry leadership and achieving profitability. Palm believes that the potential benefits of the merger include the ability to:
Take better advantage of future growth opportunities through increased scale and improved operational efficiency;
Deliver a broad portfolio of mobile products from traditional handhelds to wireless handhelds and smartphones;
Add Palm's strong brand and distribution channels to Handspring's highly regarded Treo product line and wireless
telecommunications carrier relationships; and
Enhance Palm's management team and board of directors through the addition of several of Handspring's key officers and directors.