HP + Palm: Antitrust clearance a go (Updated)
In a critical step in meeting its projected "before the end of Q3" close date in the company's acquisition of Palm, Schaeffer Research is reporting that HP announced this morning that it had received the necessary antitrust clearance needed to proceed forward with the transaction. The next big piece of the puzzle comes in just a few days on June 25th, when Palm's shareholders are scheduled vote - with a strong "yes" recommendation from the board - on if the buyout should proceed as detailed in the company's most recent Definitive Proxy Statement filing with the SEC. If (we're thinking when) everything go as planned during that vote, Palm will become part of HP by July 31st as anticipated.
[source: Shaeffer Research]
Update: confirmed via a Palm SEC filing:
On June 1, 2010 the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the pending acquisition by Hewlett-Packard Company (“HP”) of Palm, Inc. Palm has also received all required pre-closing foreign antitrust approvals. The proposed merger remains subject to other customary closing conditions, including the approval of Palm’s stockholders. The special meeting of Palm’s stockholders to vote on the proposed merger is currently scheduled to be held on Friday, June 25, 2010.