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:

Getting a mortgage with over 50% deposit headache (but Approved by BNZ!)
Created by Linux, last reply by mudguard on 19-Jan-2019 13:25 (248 replies)
Pages... 15 16 17


Why I won't be buying from PB Tech
Created by dafman, last reply by zxspectrum on 19-Jan-2019 20:58 (86 replies)
Pages... 4 5 6


Issue with US appliance in NZ
Created by hotdogs1999, last reply by quickymart on 20-Jan-2019 14:27 (26 replies)
Pages... 2


How to kill flea infestation without killing cats
Created by Rikkitic, last reply by mudguard on 20-Jan-2019 14:43 (42 replies)
Pages... 2 3


Does this home network cabinet install look right?
Created by mattwnz, last reply by cyril7 on 18-Jan-2019 09:07 (58 replies)
Pages... 2 3 4


Theory of Evolution
Created by kingdragonfly, last reply by Batman on 20-Jan-2019 14:56 (33 replies)
Pages... 2 3


Wife's phone hacked
Created by quickymart, last reply by dfnt on 20-Jan-2019 08:39 (32 replies)
Pages... 2 3


Netflix increase ?
Created by xpd, last reply by loceff13 on 19-Jan-2019 15:32 (65 replies)
Pages... 3 4 5