Palm Stockholders approve HP buyout, expected to close July 1st | webOS Nation
 
 

Palm Stockholders approve HP buyout, expected to close July 1st

by Dieter Bohn Fri, 25 Jun 2010 6:07 pm EDT

 

Palm has just filed an 8-K report with the SEC:

At a special stockholder meeting held June 25, 2010, the stockholders of Palm, Inc. (“Palm”) approved the Agreement and Plan of Merger dated April 28, 2010 among Palm, District Acquisition Corporation and Hewlett-Packard Company (“HP”). Such approval occurred by way of the affirmative vote of a majority of the (i) holders of the outstanding shares of Palm common stock, Series B preferred stock and Series C preferred stock at the close of business on the record date, May 24, 2010, voting together as a single class on an as-converted basis, and (ii) holders of the outstanding shares of Palm common stock not beneficially owned by Elevation Partners, L.P., or its affiliates.

The transaction is expected to close on Wednesday, July 1, 2010.

In other words: t's officially official. Palm has five more days as an independent company, then they will become an arm of HP headed by current CEO Jon Rubinstein.

If you've got bubbly, it's now time to break it out!

Source: SEC Filing

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