Palm Sets Meeting for Spin-off and Acquisition
Palm, Inc. today announced that its annual meeting of stockholders will be held on Oct. 28. The key focus of the meeting will be to vote to approve and adopt an agreement plans for the distribution of Palm's shares of PalmSource common stock to Palm's stockholders as well as the acquisition of Handspring.
Palm stockholders at the close of business on Sept. 23, 2003, will be entitled to vote on the proposal. Palm also announced that the Securities and Exchange Commission on Friday, Sept. 26, declared effective Palm's registration statement on Form S-4. That form includes the proxy statement that will be mailed to Palm stockholders related to the annual meeting. The Palm Inc Annual Report (10-K) for the fiscal year 2003 is also now available.
The meeting will be held at 8 a.m. PST on Tuesday, Oct. 28, at Palm headquarters (Building 10), 580 N. McCarthy Blvd., Milpitas, Calif., 95035.
The Handspring merger is designed to create a stronger market leader in mobile computing and communications. The combination will put the Palm Solutions Group in a better position to pursue its objectives of growing the market, maintaining industry leadership and achieving profitability
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 called palmOne. 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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