MILPITAS, Calif.-Stockholders of both Palm Inc. and Handspring Inc. approved Palm’s acquisition of Handpring and the spinoff of PalmSource Inc., Palm’s operating system software division, from Palm Inc.
The Handspring acquisition will be completed as a merger with Palm issuing about 13.9 million shares to Handspring stockholders. Handspring stockholders will receive 0.09 Palm shares for each share of Handspring common stock owned. The resulting company has been renamed palmOne Inc., and its stock will trade on Nasdaq under the PLMO ticker symbol starting tomorrow. Also effective tomorrow, PalmSource stock will begin trading on the Nasdaq market under the PSRC ticker symbol.
“As a standalone public company, PalmSource can focus on maximizing stockholder value by advancing the Palm OS platform into exciting new and existing markets,” said David Nagel, president and chief executive officer of PalmSource.
Palm will distribute all the shares of PalmSource it owns-about 86 percent of the total-to Palm stockholders of record as of the close of business today. Those Palm stockholders will receive about 0.31 shares of PalmSource common stock for each share of Palm common stock they own.
