Motorola Also Bid For PalmSource
The Chicago Sun-Times is reporting that Motorola was also interested in purchasing PalmSource. Motorola claims PalmSource had accepted their offer and has asked a judge to award them a $8.7 million dollar breakup fee.
Motorola is claiming that PalmSource reneged on a $17.25 per-share buyout offer on Sept. 7th. They claim PalmSource directors accepted Motorola's offer, only to agree two days later to the $18.50 per-share offer from Access.
Palm also attempted to buy PalmSource but was outbid.
''PalmSource was obligated to pay Motorola the termination fee of $8,697,595 on or before Sept. 16, 2005,'' but failed to do so, Motorola said in court papers.
Thanks to PalmAddict for the tip.
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