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 | 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...
Trending now »

Hot discussions in our forums right now:

HELP! Windows 7 won't start and I don't have install disks
Created by Tomahawk66, last reply by Tomahawk66 on 20-Nov-2018 18:01 (25 replies)
Pages... 2


Aluminium Window Fittings
Created by networkn, last reply by networkn on 19-Nov-2018 17:31 (22 replies)
Pages... 2


What speeds can I reasonably expect from Unplan Fibre Max
Created by astroboy, last reply by hio77 on 20-Nov-2018 22:28 (21 replies)
Pages... 2


PB Tech Black Friday Sale - 16th November
Created by agent86, last reply by richms on 20-Nov-2018 19:50 (163 replies)
Pages... 9 10 11


Warped post on 8 month old fence, who's responsible for repair?
Created by Paul1977, last reply by Bung on 19-Nov-2018 18:01 (84 replies)
Pages... 4 5 6


Why is setting yourself on fire "cool" ?
Created by xpd, last reply by Batman on 20-Nov-2018 16:46 (31 replies)
Pages... 2 3


iPhone 8 or Huawei Mate 20 Pro?
Created by Tempest94, last reply by gehenna on 19-Nov-2018 19:06 (15 replies)

IOS App Built Can I have an "Amen!"
Created by gnfb, last reply by gnfb on 20-Nov-2018 14:40 (24 replies)
Pages... 2