At a special stockholder meeting held late last week, the stockholders of Palm approved the agreement and plan of merger dated April 28, 2010 among Palm and Hewlett-Packard.
Such approval occurred by way of the affirmative vote of a majority of the holders of the outstanding shares of Palm common stock, Series B preferred stock and Series C preferred stock at the close of business on the record date, May 24, 2010, voting together as a single class on an as-converted basis, and holders of the outstanding shares of Palm common stock not beneficially owned by Elevation Partners, L.P., or its affiliates.
Palm, the innovator in the field of personal digital assistants (PDAs), was acquired by U.S. Robotics in 1995 and became the part of 3Com in 1997 as a result of 3Com’s takeover of the modem maker. In turn, 3Com made Palm independent in the year 2000. It is noteworthy that HP acquired 3Com in 2009 and will become the owner of Palm in the following days.
The transaction is expected to close on Wednesday, July 1, 2010. HP buys Palm in order to leverage its technologies from mobile devices to different ranges of products.