Sola Fide
15 years ago
In theory...this could go higher? Last I was aware there was a huge short position, they will be motivated to cover now...especially so if they have concern about a higher offer coming in.
Just shy of 55m AH, looks like a bunch of shorts covered.
This offer from HP being on the low side as some would say, may well prompt other players into making a higher offer.
I think yesterdays AH volume was over 4m in the $4.62- $4.66 range, higher volume than there has been lately, fair indication that someone may have had some insight?
$4.60 proved to be a good support area as I anticipated, unfortunately, I didn't pull the trigger on adding more May $5 calls, had my order in for under .30, will open around .80 tomorrow?...sigh..
peewee
15 years ago
HP to Acquire Palm for $1.2 Billion
Date : 04/28/2010 @ 4:05PM
Source : Business Wire
Stock : (PALM)
Quote : 4.63 -0.02 (-0.43%) @ 5:11PM
HP to Acquire Palm for $1.2 Billion
HP (NYSE: HPQ) and Palm, Inc. (NASDAQ: PALM) today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm webOS mobile operating system, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. The transaction has been approved by the HP and Palm boards of directors.
The combination of HP’s global scale and financial strength with Palm’s unparalleled webOS platform will enhance HP’s ability to participate more aggressively in the fast-growing, highly profitable smartphone and connected mobile device markets. Palm’s unique webOS will allow HP to take advantage of features such as true multitasking and always up-to-date information sharing across applications.
“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,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “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.”
“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 Jon Rubinstein, chairman and chief executive officer, Palm. “We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners.”
Under the terms of the merger agreement, Palm stockholders will receive $5.70 in cash for each share of Palm common stock that they hold at the closing of the merger. The merger consideration takes into account the updated guidance and other financial information being released by Palm this afternoon. The acquisition is subject to customary closing conditions, including the receipt of domestic and foreign regulatory approvals and the approval of Palm’s stockholders. The transaction is expected to close during HP’s third fiscal quarter ending July 31, 2010.
Palm’s current chairman and CEO, Jon Rubinstein, is expected to remain with the company.
Audio webcast
Today at 5 p.m. ET / 2 p.m. PT, HP will conduct a live audio webcast for financial analysts and stockholders to discuss HP’s agreement to acquire Palm.
The webcast will be hosted by Todd Bradley and is accessible at www.hp.com/investor/webcast.
About Palm
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and usable ways. The company’s groundbreaking Palm webOS platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy, which brings your information from the many places it resides into a single, more comprehensive view of your life. More information about Palm, Inc. is available at www.Palm.com.
About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at http://www.hp.com.
Additional information and where to find it
Palm intends to file with the Securities and Exchange Commission a preliminary proxy statement and a definitive proxy statement and other relevant materials in connection with the acquisition. The definitive proxy statement will be sent or given to the stockholders of Palm. Before making any voting or investment decision with respect to the merger, investors and stockholders of Palm are urged to read the proxy statement and the other relevant materials when they become available because they will contain important information about the acquisition. The proxy statement and other relevant materials (when they become available), and any other documents filed by Palm with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov, by going to Palm’s Investor Relations page on its corporate website or by contacting Palm’s Investor Relations department by email at teri.klein@palm.com, by phone at (408) 617-7000, or by mail at Palm, Inc., Investor Relations, 950 West Maude Avenue, Sunnyvale, California 94085.
Participants in the solicitation
Palm and HP and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Palm stockholders in connection with the acquisition. Information about HP’s directors and executive officers is set forth in HP’s proxy statement on Schedule 14A filed with the SEC on January 27, 2010 and HP’s Annual Report on Form 10-K filed on December 17, 2009. Information about Palm’s directors and executive officers is set forth in Palm’s proxy statement on Schedule 14A filed with the SEC on August 13, 2009. Additional information regarding the interests of participants in the solicitation of proxies in connection with the merger will be included in the proxy statement that Palm intends to file with the SEC.
Forward-looking statements
This document contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions, including those conditions related to regulatory approvals; any statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; that the transaction may not be timely completed, if at all; that, prior to the completion of the transaction, the target company’s business may not perform as expected due to transaction-related uncertainty or other factors; that the parties are unable to successfully implement integration strategies; and other risks that are described in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Annual Report on Form 10-K for its fiscal year ended October 31, 2009 and Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2010. HP assumes no obligation and does not intend to update these forward-looking statements.
© 2010 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice.
HP shall not be liable for technical or editorial errors or omissions contained herein.
peewee
15 years ago
UPDATE 1-Smartphone maker Palm is seeking a buyer - report
Mon Apr 12, 2010 3:57am EDTStocks
Palm, Inc.
PALM.O
$5.16
+0.51+10.97%12:00am UTC+0200
The Goldman Sachs Group, Inc.
GS.N
$179.12
-0.38-0.21%12:00am UTC+0200
Palm, Inc.
PALM.F
€4.10
+0.26+6.77%12:03pm UTC+0200
* Palm declines to comment
* Seeking offers as early as this week -Bloomberg
* Working with Goldman, Qatalyst Partners -Bloomberg
* Loss-making Palm long seen as a takeover target
* Frankfurt-listed Palm shares up 8 pct in few trades
(Adds Palm no comment, Frankfurt shares, analyst, background)
April 12 (Reuters) - Palm Inc (PALM.O), the loss-making smartphone maker, is looking to sell itself and is seeking bids for the company as early as this week, Bloomberg said, citing three people familiar with the situation.
A spokesman for Palm in Europe declined to comment.
Palm, which makes the Pre and Pixi phones and develops WebOS phone software, is working with Goldman Sachs Group Inc (GS.N) and Qatalyst Partners to find a buyer, the agency said.
Frankfurt-listed Palm shares (PALM.F) rose 8 percent on Monday, but in a few trades.
Palm's shares had jumped on Friday, capping a volatile week in which the smartphone maker's stock seesawed on takeover rumours and options market chatter. [ID:nN09112835]
On Friday, Taiwan's Economic Daily News said that HTC Corp (2498.TW), the world's No. 5 smartphone maker has, "opened discussions about an intent to acquire" Palm.
Palm has for years been mentioned as a potential takeover target for much larger companies -- such as Lenovo Group (0992.HK) [ID:nLDE63205T] -- hoping to enter the mobile market or expand their presence.
"Palm's limited scale, distribution and weak global brand outside the United States all point to a takeover as the next chapter in the Palm story," said CCS Insight analyst Geoff Blaber.
"The company has developed a highly valuable asset in webOS. The challenge for Palm is finding a buyer prepared to pay a premium for an immature platform when many potential suitors have already invested heavily in Android," Blaber said.
In the past, technology companies Dell Inc (DELL.O) and Microsoft Corp (MSFT.O), and handset manufacturer Nokia (NOK1V.HE) and Motorola Inc (MOT.N) have all been named as potential suitors. [ID:nN23396446]. (Reporting by Sakthi Prasad in Bangalore and Tarmo Virki in Helsinki; Editing by Lincoln Feast and Erica Billingham)
http://www.reuters.com/article/idCNLDE63B0B520100412?rpc=44
peewee
15 years ago
Is Palm Putting Itself Up For Sale?
Comments (0) Text Size: A A Print Email Share After persistent rumors that several suitors might be interested in the ailing Palm (NSDQ: PALM), now Bloomberg is reporting that the company has put itself up for sale and is seeking bids as early as this week.
According to three people familiar with the situation, Bloomberg said the company has hired Goldman Sachs and Frank Quattrone’s Qatalyst Partners to find a buyer. In the past week, HTC and Lenovo were identified as two of the companies that may be potential bidders. The sources said Dell also looked at deal, but decided to pass. On Friday, Palm’s stock jumped based on rumors that the Pre-maker may receive a takeover offer. The company’s market value now hovers around $870.8 million. Bloomberg said a Palm spokeswoman declined to comment.
The company has launched two products to fairly rave reviews, but has failed to gain significant market traction. It was criticized for partnering initially with Sprint (NYSE: S) Nextel, which was having its problems of its own, and then the handset-and OS-maker blotched its launch with Verizon Wireless. It now has a significant backlog of unsold devices, and is facing a cash shortage.
Still, CEO Jon Rubinstein made the point in a recent interview that Palm was a turnaround story and would have been dead in the water with out the new webOS, which is a valuable asset. In the company’s previous earnings call, Rubinstein dismissed the idea that the company could be up for sale, and said that if any offers were serious, he’d be obligated to bring them to the board’s attention.
Related Stories
Lenovo Considers Acquisitions For Mobile Growth
Is HTC Interested In Palm?
http://moconews.net/article/419-is-palm-putting-itself-up-for-sale/
Sola Fide
15 years ago
News for 'PALM' - (DJ Palm Hires Goldman Sachs, Qatalyst For Possible Sale - Bloomberg)
DOW JONES NEWSWIRES
Palm Inc. (PALM) has tapped Goldman Sachs Group Inc. (GS) and Qatalyst Partners to seek bids for the company as early as this week, Bloomberg News reported on its Web site Sunday, citing three people familiar with the situation.
HTC Corp. (HTCXF), Lenovo Group (LNVGY) and Dell Inc. (DELL) have been rumored to have explored purchasing Palm, reports said, although Dell won't be making an offer, two of the people told Bloomberg.
Palm spokeswoman Lynn Fox declined to comment, while Qatalyst's Sally Palmer and Goldman Sach's Andrea Rachman didn't immediately respond to requests for comment, according to Bloomberg.
Full story: http://www.bloomberg.com/apps/news?pid=20601087&sid=arvXvuu.DqW4&pos=3
Could be a Very Interesting Week...Got Tickets?!...
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