Palm Moves Closer to Handspring Acquisition
Palm, Inc. and Handspring today announced that the waiting period required by the Hart-Scott-Rodino Anti-Trust Improvements Act for Palm's proposed acquisition of Handspring has expired. The acquisition is expected to close in the fall, subject to certain conditions, including approval from both companies' stockholders.
"Passing the HSR waiting period moves us another step toward delivering what we believe is the broadest portfolio of mobile computing and communications solutions from the most-experienced leadership team in the industry," said Todd Bradley, Palm Solutions' president and chief executive officer. Bradley will lead the company that will result from Palm's acquisition of Handspring.
The Boards of Palm Inc and Handspring announced in June that they each have unanimously approved a definitive agreement for Palm to acquire Handspring to form a new, stronger market leader in mobile computing and communications.
Immediately following the completion of the PalmSource spin-off, Handspring will be merged with Palm, and the merged company will be renamed later in the year. The transaction, encompassing the spin-off of PalmSource and the merger of Handspring with the remaining Palm Solutions Group of Palm, is expected to close in the fall.
The merged company will be led by Bradley, who will continue as president and chief executive officer, and will be structured around two business units: handheld computing solutions, led by Ken Wirt, currently senior vice president, sales and marketing, for Palm Solutions; and smartphone solutions, to be led by Ed Colligan, current president and chief operating officer for Handspring. Jeff Hawkins, Handspring chairman and chief product officer, will become chief technology officer for the merged company.
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