Well I can’t say I told you so, but I can say that it was only a matter of time.
HP (HPQ) will be swallowing the downward spiraling Palm (PALM) for 1.2 billion dollars. HP will pay $5.70 a share in cash, a 23% premium over Palm’s closing price of $4.64 on Wednesday.
Last week reports came out that HTC was not interested in purchasing the failing phone provider.
This acquisition by HP is certainly going to stir up the smartphone market as Dell (DELL) prepares to launch a new wave of smartphone’s and Apple continues to crush the competition with the iPhone.
This deal is scheduled to close by the end of July and Jon Rubinstein is expected to stay on board as Palm’s Chief Executive.
I wonder though, with this announcement of HP buying Palm, will Apple (AAPL) consider releasing the new iPhone sooner?
