SAN FRANCISCO: Palm Inc a pioneer in the smartphone business that couldn’t quite make the comeback it needed, has agreed to be bought out by Hewlett-Packard Co for about US$1.4bil (RM5bil) in cash.
The two Silicon Valley companies announced on Wednesday that the deal will see HP pay US$5.70 (RM19.40) for every Palm common share and certain preferred shares. Palm had closed trading on Wednesday at US$4.63 (RM15.70) but traded as high as US$18.09 (RM61.50) in the past 52 weeks.
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