HP Grabs Palm

It was only a matter of time given the lousy sales of Palm phones lately, but anyone who bought a PalmPilot or the groundbreaking wireless Palm VII may shed a tiny tear at the news that Palm no longer exists as a standalone company:

HP and Palm, Inc. 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.

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