Palm Action Heats Up
The bidding for handheld computer pioneer Palm Inc. is heating up, with Nokia Corp. (NYSE: NOK) and possibly a private equity firm emerging as the leading candidates to acquire the company, Unstrung has learned.
Sources close to Palm and investment bankers familiar with the deal say the bidding process is proceeding for the smartphone maker and that the company could be sold in the $20-per-share range.
Unstrung reported earlier this month that Palm is once again an acquisition target. Sources said then that a private equity firm could be one of the major bidders. Motorola Inc. (NYSE: MOT) was also named as potential buyer, but it now appears to be fading from the picture. A well-placed source suggests that a Motorola buyout is definitely not going to happen. Morgan Stanley is said to be shopping the firm around. (See Palm's in Play .)
A private equity buyout would follow a growing trend in the wireless business of these groups spending large sums to buy up technology assets...
Read the whole story at Unstrung.
— Dan Jones, Site Editor, Unstrung