Palm selling 25% to Elevation Partners


	Palm selling 25% to Elevation Partners

djkraz

9-12-2007 10:13 PM

322 views

djkraz says:

Hopefully this will get them to get there buts in gear and come out with a kick ass new replacement for the treo.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ffc4d7dc-f6f3-44fe-ad0a-e69eb9a6c284/88765CCB-2B60-41AB-ACD1-D9BCCAAA0C9E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.yahoo.com/s/ap/20070912/ap_on_hi_te/palm_shareholders" href="http://news.yahoo.com/s/ap/20070912/ap_on_hi_te/palm_shareholders" style="font-size: 11px;">news.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20070912/ap_on_hi_te/palm_shareholders"><P>
                        SUNNYVALE, Calif. - As expected, shareholders of struggling <SPAN id="lw_1189628328_0">Palm Inc</SPAN>. approved Wednesday the partial sale of the company to a private equity firm and a change in the board's makeup.                        
                        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20070912/ap_on_hi_te/palm_shareholders"><P>Under the capital restructuring, Elevation Partners will pay $325 million in cash for a 25 percent stake in the company, and Palm will pay a special distribution of $9 per share, or about $940 million in cash, to shareholders for their reduction in ownership.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20070912/ap_on_hi_te/palm_shareholders"><P>Palm will also get a new executive board chair — Jonathan Rubinstein, the former head of <SPAN id="lw_1189628328_1">Apple Inc.</SPAN>'s <SPAN id="lw_1189628328_2">iPod</SPAN> division — after the transaction closes.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20070912/ap_on_hi_te/palm_shareholders"><P>Elevation partners Fred Anderson, Apple's former chief financial officer, and Roger McNamee, a veteran <SPAN id="lw_1189628328_3">Silicon Valley</SPAN> investor, will also join the board, replacing outgoing directors Eric Benhamou and Bruce Dunlevie. D. Scott Mercer, who previously announced his resignation, will remain on the board.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/88765CCB-2B60-41AB-ACD1-D9BCCAAA0C9E/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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