By Allen Tsai | Wed Apr 28, 2010 12:24 pm |
Hewlett-Packard, the world's largest technology company by revenue, plans to purchase Palm for $1.2 billion, ending a flurry of rumors over the fate of the struggling handset maker.
The Palo Alto, Calif.-based company said it will pay $5.70 per share in cash for Palm, representing a 23 percent premium over its closing price on Wednesday.
The deal is planned to close by July 31.
Once a pioneer in the budding handheld business, Palm had started exploring a sale after struggling to generate interest for its touch screen Pre and Pixi smartphones amid a marketplace dominated by Apple's iPhone and Google's Android devices.
"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," said Jon Rubenstein, Palm's chief executive. "HP's longstanding culture of innovation, scale and global operating resources make it the perfect partner to rapidly accelerate the growth of WebOS."
HP also said that Rubinstein is expected to remain with the company.
The PC maker sees WebOS as the prized asset, and said it plans to scale the mobile operating system "across multiple connected devices," leading analysts to speculate that it may enter the table device race and compete with Apple's iPad.
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Thu Jan 26, 2012 12:07 pm | By
Hewlett-Packard announced it will release parts of its WebOS to the open-source community over the next several months to sidestep potential patent problems and boost its competitive chances against Android.
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Tue Jan 17, 2012 1:02 pm | By
Hewlett-Packard has lifted the curtain on the VantagePoint, a 132-inch multi-touch wall, as the company features innovations likely to find their way into consumer devices.
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Wed Jan 04, 2012 2:00 pm | By
Hewlett-Packard's WebOS is making unexpected inroads in healthcare as medical researchers develop applications for the newly open-source platform.
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Mon Jan 02, 2012 11:51 am | By
Hewlett-Packard is moving forward with changes to its WebOS software, as the struggling company bets on mobile technology to fuel its turnaround.
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Mon Dec 12, 2011 2:10 pm | By
Hewlett-Packard slashed the price of its TouchPad tablet to $100 on eBay, pointing to an open-source shift of its WebOS strategy.
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