Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Palm announces acquisition of Handspring
Posted on 5-Jun-2003 07:53 | Tags Filed under: News



Well, looks like Handspring failed to deliver its promisse of revolutionary handhelds and Palm OS based smartphone implementation. Handspring will merge with Palm, and PalmSource spin off (responsible for the Palm OS) was approved.

"These two bold moves will serve as a powerful catalyst to transform the landscape of the handheld industry. The strategic choice of merging Handspring and the Palm Solutions Group of Palm will create the broadest portfolio and the most-experienced leadership team in the industry, fully capable of delivering value to customers, partners and shareholders," said Eric Benhamou, Palm, Inc. chairman and chief executive officer, and chairman of PalmSource. "And the spin-off of PalmSource will help grow the Palm Economy, attract additional licensees and unlock shareholder value."

Palm, Inc. consists of two businesses -- PalmSource, a subsidiary responsible for developing and licensing the Palm™ operating system, and the Palm Solutions Group, a business unit responsible for designing, making and marketing the Palm handheld devices. Immediately following the completion of the spin-off, Handspring will be merged with Palm, and the merged company will be renamed later in the year.

The transaction, encompassing the spin-off of PalmSource and the merger of Handspring with the remaining Palm Solutions Group of Palm, is expected to close in the fall, subject to certain conditions.

Under the proposed terms of the transaction, and following the spin-off of PalmSource, Handspring's shareholders will receive 0.09 Palm shares -- and no shares of PalmSource -- for each share of Handspring common stock owned. Palm, Inc. will issue approximately 13.9 million shares of Palm common stock to Handspring's shareholders on a fully diluted basis. As a result of the merger, Handspring's shareholders will own approximately 32.2 percent of the newly merged company on a fully diluted basis, and Palm's shareholders will own approximately 67.8 percent.

The value per share to be received by Handspring shareholders will be based on the Palm share price following the spin-off of PalmSource. The spin-off of PalmSource will be completed immediately prior to the closing of the Handspring acquisition.


More information: http://www.handspring.com/company/pr_060403.j...




comments powered by Disqus


Trending now »

Hot discussions in our forums right now:

Orcon Down once more
Created by ronw, last reply by hio77 on 20-Feb-2018 22:11 (46 replies)
Pages... 2 3 4


ANZ NZ drops other bank ATM fees
Created by antoniosk, last reply by Stu1 on 21-Feb-2018 06:18 (54 replies)
Pages... 2 3 4


Jury Duty
Created by networkn, last reply by dejadeadnz on 20-Feb-2018 19:53 (166 replies)
Pages... 10 11 12


Ceiling heat to “assist” hot water cylinder
Created by chimera, last reply by robfish on 21-Feb-2018 06:25 (24 replies)
Pages... 2


Vodafone Fibre Max speeds.
Created by VirtualKiwi, last reply by hio77 on 19-Feb-2018 10:52 (12 replies)

Backing up SD card while travelling overseas
Created by Lightbulb, last reply by Wade on 18-Feb-2018 16:51 (25 replies)
Pages... 2


Wine & Coffee increase lifespan
Created by Fred99, last reply by MikeAqua on 20-Feb-2018 14:25 (23 replies)
Pages... 2


Enable "door knockers" and pre plan/build before choosing ISP
Created by Goosey, last reply by robfish on 20-Feb-2018 11:43 (23 replies)
Pages... 2