Fidelity Now Owns 11% of Palm Inc
Fidelity Investments, the largest U.S. mutual fund manager, has boosted its stake in Palm Inc. to 11%, according to Bloomberg Business News. The purchase makes Fidelity the company's largest shareholder and may be the likely source of the two previous undisclosed investments.
Fidelity owned 3.19 million shares of Milpitas, Calif.-based Palm, the world's biggest maker of hand-held computers, as of Aug. 31, according to a filing with the U.S. Securities and Exchange Commission.
Fidelity owned about 4,100 Palm shares as of June 30, according to an earlier filing, Bloomberg reported. The biggest Palm shareholder as of June was Mellon Bank Corp., with 807,755 shares, or 2.8 percent of the company
Less than two weeks ago, Palm Inc. reported it had completed a $19.1 million equity offering for 1.2 million shares of Palm common stock at $15.90 per share. The news was preceded by a similar $18 million dollar (1.2 million shares) deal the week prior.
The shares were issued today to institutional investors through Palm's existing $200 million shelf registration on file with the Securities and Exchange Commission. Palm had approximately 29.3 million shares outstanding as of July 25, 2003.
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