Palm approves OS business spinoff

Palm stockholders have approved the spinoff of PalmSource, provider of the operating system platform for mobile computers, from its parent company. Two separate companies have emerged, and are trading today on the Nasdaq...

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By  Patrick Phelvin Published  October 29, 2003

Palm stockholders have approved the spinoff of PalmSource, provider of the operating system platform for mobile computers, from its parent company.

Two new leadership companies have emerged and began trading today on the Nasdaq stock market.

Palm distributed all the shares of PalmSource that it owned — 86% of the total — to Palm stockholders of record at 11:59 p.m. Eastern Standard Time yesterday. Those Palm stockholders received approximately 0.31 shares of PalmSource common stock for each share of Palm common stock they own. PalmSource will trade on the Nasdaq stock market under the ticker symbol PSRC, starting today.

Palm stockholders also approved the acquisition of Handspring, Inc, maker of smartphones based upon Palm OS. Separately, Handspring stockholders approved the acquisition of their company by Palm, Inc. The acquisition will be consummated as a merger. The resulting company has been renamed palmOne, Inc. Its stock will trade on the Nasdaq exchange under the ticker symbol PLMO.

“PalmSource emerges as the premier operating-system platform company in the handheld industry, better able as an independent company to attract new and varied licensees and to further build the Palm economy,” says Eric Benhamou, chairman of PalmSource and palmOne. “palmOne emerges as a stronger leader in mobile computation and communications, better able to address customer needs with the broadest portfolio, widest distribution channels and the most-experienced leadership team in the industry,” he adds.

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