|Tue Oct 28, 2003 - 1:32 PM EST - By Marcus Adolfsson
Palm and Handspring today announced that stockholders of both companies have approved a transaction that transforms the landscape for handheld computing and communications. The transactions are expected to close later today, and two new leadership companies are expected to emerge and begin trading tomorrow on the Nasdaq stock market.
At Palm's Annual Stockholders Meeting today, stockholders approved the spin-off of PalmSource, Inc., provider of the world's leading operating system platform for mobile computing and communications, from Palm, Inc. P
alm will distribute all the shares of PalmSource it owns (approximately 86 percent of the total) to Palm stockholders of record as of the close of business today. Those Palm stockholders will receive approximately 0.31 shares of PalmSource common stock for each share of Palm common stock they own. PalmSource common stock will trade on the Nasdaq stock market under the ticker symbol PSRC, starting tomorrow.
Palm stockholders also approved the acquisition of Handspring, Inc., maker of innovative smartphones based upon the Palm OS platform. Separately, Handspring stockholders approved the acquisition of their company by Palm, Inc. The acquisition will be completed as a merger with Palm issuing approximately 13.9 million shares to Handspring stockholders. Handspring's stockholders will receive 0.09 Palm shares for each share of Handspring common stock owned. The resulting company has been renamed palmOne, Inc. Its common stock will trade on the Nasdaq stock market exchange under the ticker symbol PLMO, starting tomorrow.
"PalmSource emerges as the premier operating-system platform company in the handheld industry, better able as an independent company to attract new and varied licensees and to further build the Palm Economy," said Eric Benhamou, chairman of PalmSource and palmOne. "palmOne emerges as a stronger leader in mobile computing and communications, better able to address customer needs with the broadest portfolio, widest distribution channels and the most-experienced leadership team in the industry.
"This new industry configuration enhances the ability of both companies to
deliver value to customers, partners and stockholders," Benhamou said.
As an independent company, PalmSource will be better able to deliver on its
corporate objectives of growing the Palm Economy, maintaining its platform
leadership, and delivering consistent profitability.
"We are at the beginning of a new phase in the growth of smart mobile devices," said David Nagel, PalmSource president and chief executive officer. "As an independent company, PalmSource can accelerate the acceptance of Palm OS as the leading software platform for a wide range of innovative new products."
PalmSource has headquarters in Sunnyvale, Calif., and employs 311 people. In addition to Nagel, the new company's executive team includes the following:
The new, stronger competitor created in palmOne is better able to meet the company's corporate objectives of growing the market, maintaining industry leadership, and achieving consistent profitability.
"This merger of leaders gives palmOne significant advantages as we build on delivering what matters most to customers, including the high-potential category of smartphones," said Todd Bradley, palmOne president and chief executive officer. "We'll work to continue pleasing customers from the newest consumer who is just now moving beyond paper organizers to the multimedia enthusiast, and from the mobile professional to the chief information officer. We're also confident that our combined scale will allow us to capitalize on the operational discipline we've put in place over the last two years."
palmOne has headquarters in Milpitas, Calif., and employs 815 people. In addition to Bradley, the new company's executive team includes the following:
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