HP to buy Palm for US$1.2bn

Hewlett-Packard will purchase Palm for $1.2 billion. That works out to US$5.70 per share for the company that invented the PDA and was instrumental in kicking off the smartphone craze. That’s a 23 per cent premium over the Wednesday closing price on Palm’s stock of US$4.63. The deal has been approved by both companies’ boards of directors and is expected to close by the end of July