HP Buys Palm... WOW

Discussion in 'Non-Android Smart Phones' started by wuyanks, Apr 28, 2010.

  1. wuyanks
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    wuyanks DF News Team Premium Member

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    HP buys Palm -- Engadget

    that came out of nowhere...
     
  2. shmoo
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    shmoo Member

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    Well that came out left field. Maybe now their phones won't suck
     
  3. Backnblack
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    Backnblack Premium Member Premium Member

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    Press Release from same link...

    PALO ALTO, Calif. & SUNNYVALE, Calif.--(BUSINESS WIRE)--HP (NYSE: HPQ - News) and Palm, Inc. (NASDAQ: PALM - News) today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm webOS mobile operating system, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. The transaction has been approved by the HP and Palm boards of directors.

    The combination of HP's global scale and financial strength with Palm's unparalleled webOS platform will enhance HP's ability to participate more aggressively in the fast-growing, highly profitable smartphone and connected mobile device markets. Palm's unique webOS will allow HP to take advantage of features such as true multitasking and always up-to-date information sharing across applications.

    "Palm's innovative operating system provides an ideal platform to expand HP's mobility strategy and create a unique HP experience spanning multiple mobile connected devices," said Todd Bradley, executive vice president, Personal Systems Group, HP. "And, Palm possesses significant IP assets and has a highly skilled team. The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market."

    "We're thrilled by HP's vote of confidence in Palm's technological leadership, which delivered Palm webOS and iconic products such as the Palm Pre. HP's longstanding culture of innovation, scale and global operating resources make it the perfect partner to rapidly accelerate the growth of webOS," said Jon Rubinstein, chairman and chief executive officer, Palm. "We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners."

    Under the terms of the merger agreement, Palm stockholders will receive $5.70 in cash for each share of Palm common stock that they hold at the closing of the merger. The merger consideration takes into account the updated guidance and other financial information being released by Palm this afternoon. The acquisition is subject to customary closing conditions, including the receipt of domestic and foreign regulatory approvals and the approval of Palm's stockholders. The transaction is expected to close during HP's third fiscal quarter ending July 31, 2010.

    Palm's current chairman and CEO, Jon Rubinstein, is expected to remain with the company.
     
  4. wuyanks
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    wuyanks DF News Team Premium Member

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    yeah can't disagree with HPs reasoning...

    Palm hardware + their sales/marketing is TERRIBLE... but WebOS is pretty damn good...

    good job out of HP
     
  5. Backnblack
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    Backnblack Premium Member Premium Member

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    Plus with Dell getting into the phone market they must of thought it easier to buy a platform rather than create one from scratch.
     
  6. Romple
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    HP Slate + WebOS ftw?
     
  7. JCo352
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    JCo352 Senior Member

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    Good for HP, but I really wanted Google, or HTC to buy palm. That would have been awesome.
     
  8. Hugh Jass
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    Hugh Jass Senior Member

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    Nah, just Google.
     
  9. Matth3w
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    Nope, they canceled the HP Slate project. lol
     
  10. mantis5
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    mantis5 Active Member

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    Palm OS was great and I wish they had been bought by someone more confidence-inspiring than HP. They are both has-beens, IMO.

    :rating02:
     
  11. Mojo
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    It will be interesting to say the least to see how all this will play out for HP. I'm interested in seeing how the build out this total ecosystem they are talking about. I always hoped that someone would perfect a way to integrate your office pc, home PC
    , and mobile devices all together so information from any machine would always be able to sync or connect seamlessly. HP with palm could stand a good chance to do this.
     
  12. Mojo
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    It will be interesting to say the least to see how all this will play out for HP. I'm interested in seeing how the build out this total ecosystem they are talking about. I always hoped that someone would perfect a way to integrate your office pc, home PC
    , and mobile devices all together so information from any machine would always be able to sync or connect seamlessly. HP with palm could stand a good chance to do this.
     
  13. Big Cam
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    HP owns everything. They took over the data comapny that my company uses for government purposes.

    That's all I can really say, long story short, they own everything.
     
  14. Romple
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    Yea but I doubt they're abandoning all the work they did. How long do you think it'll be before they announce some new tablet with WebOS on it?
     
  15. darreno1
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    Unless they come out with some really top notch hardware, I just don't see this new union spawning any successful smartphones. WebOS on its own is just not good enough, and the
    'advantage' it has is dwindling with with every passing day. Also, unless they can demonstrate that they can sell boatloads of phones, the big-name developers are not going to be interested.