Bloomberg: Palm Is For Sale

Palm, Inc. (NASDAQ:PALM) is for sale according to a report by Bloomberg according to three separate sources. Palm is reportedly working with Goldman Sachs Group Inc. and Qatalyst Partners to find a buyer. As of right now Palm has a market cap of about $1 billion.

Although a sale has not been announced, rumor has it that HTC Corporation and Lenovo Group Ltd. have looked at making offers. If someone buys Palm, then they would have access to the WebOS software. Elevation Partners LP owns 30% of Palm.

Palm was founded in 1992 and launched a device called the PalmPilot. Palm was bought by U.S. Robotics. U.S. Robotis was acquired by 3Com Corporation and then Palm was spun off again in 2000. This past year Palm was highly depending on the success of the Palm Pre and Palm Pixi devices, but they have struggled to compete against Apple iPhones, Microsoft Windows Mobile devices, Google Android, Nokia, etc. [Bloomberg]

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