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Palm already seen shopping itself to buyers

updated 07:50 am EDT, Mon April 12, 2010

Palm asking bankers for selloff bids this week

Palm is already trying to sell itself off and could get bids as soon as this week, three sources said on Monday. Both Goldman Sachs and Qatalyst Partners have reportedly been contracted to locate a buyer. The Bloomberg tips back rumors of HTC and Lenovo being candidates, though how close they may be isn't known.

Dell is said to have considered a deal but to have backed off. The acquisition may actually come from capable Asian companies that have relatively little recognition in the US, such as Huawei or ZTE.

None of the involved companies have agreed to comment on the assertions.

The seemingly emergency sell-off would likely come as a reaction to the company's extremely difficult winter quarter, in which it sold less than half of the phones shipped. Palm has blamed the problems on a lack of awareness at Verizon along with delays pushing the Pre Plus and Pixi Plus past the Droid launch, leaving the Android rival with longer and more emphatic marketing.

Without a buyer, Palm has about $779 million in cash and may have trouble lasting significantly past 2010. Elevation Partners, which has kept Palm afloat through investments, hasn't said whether it would inject more cash if necessary.



By Electronista Staff
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Comments

  1. chefpastry

    Mac Enthusiast

    Joined: Nov 2005

    +5

    Apple

    I'd like to see Apple buy them for no other reason than just to acquire their IP portfolio.

  1. beb

    Mac Elite

    Joined: Jan 2002

    +3

    Engineering talent

    Do they have any that would be worth obtaining?

  1. iphonerulez

    Fresh-Faced Recruit

    Joined: Nov 2008

    +2

    I'd also like to see Apple buy them out

    for their patents, although it would be a waste of a perfectly useful OS. I just couldn't think of anything Apple could do with licensing WebOS so that it wouldn't interfere with OSX Mobile sales. I felt that Palm was seriously on the skids for some time. Nice way to fool investors by telling them that financial recovery is just around the corner.

  1. coffeetime

    Junior Member

    Joined: Nov 2006

    +5

    Waste of money

    It's a waste of $$$$$$$ to buy Palm. Have jobs posting from Apple and developers from Palm will flock in.

  1. climacs

    Junior Member

    Joined: Sep 2001

    +4

    sorry Rubenstein

    nice try though.

    RIM looks strong now but they are the next Palm. They're simply not diversified enough; they have one product, the various flavors of Blackberry.

  1. noibs

    Fresh-Faced Recruit

    Joined: Jul 2007

    +1

    Famous Ed Colligan Quote

    I guess it's time to recycle the famous quote from the then-Palm CEO Ed Colligan about the upcoming iPhone...

    "We've learned and struggled for a few years here figuring out how to make a decent phone," he said. "PC guys are not going to just figure this out. They're not going to just walk in."

    Hard to see why Palm has imploded over the past decade...NOT.

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