HP Palm acquisition: Here comes the spurious lawsuit | webOS Nation

HP Palm acquisition: Here comes the spurious lawsuit

by Dieter Bohn Wed, 28 Apr 2010 10:01 pm EDT

Well, if you can't chase ambulances, you might as well chase acquisition announcements. Howard G. Smith is a lawyer in Bensalem, PA and he's apparently looking to file a case against Palm and/or HP regarding the proposed acquisition.

Smith contends that the proposed price of $5.70 per share undervalues the stock and does a disservice to stockholders, given that the stock has been as high as $13.58 within the past few months. He's even going so far as to suggest that Palm "failed to shop the Company to other potential buyers," which seems patently false given the hints dropped in Rubinstein's letter to Palm employees.

We're calling lawsuit troll on this one - but it does raise an interesting point that we haven't addressed in our flurry of posts about HP buying Palm: do you think that $5.70 per share / $1.2 billion is a fair price?

Thanks to @5xBEAR for the tip!