Palm CEO Tells CNBC: Focus Isn't On Finding a Buyer for Company

Wednesday, 30 May 2007 | 2:58 PM ET

Responding to continued speculation about being a possible takeover target, Palm CEO Ed Colligan told CNBC that "we're not focused on figuring out how to sell the company."

“We’re launching the most innovative products in the market place,” Colligan told CNBC’s Jim Goldman. “We’re trying to continue to push that envelope. We’re not focused on figuring out how to sell the company. We’re focused on how to build the company and create long-term shareholder value.”

Speculation about a possible sale have swirled around Palm for months, most recently involving Nokia, Motorola or private equity players Texas Pacific Group and Silver Lake Partners.

Palm also reportedly hired Morgan Stanley to pursue a buyer.

Palm CEO
Palm unveils a new device that could take the company in a whole new direction, with Ed Colligan, Palm CEO and Jim Goldman, CNBC Silicon Valley bureau chief & CNBC's Bill Griffeth

Meeting with industry leaders at a conference in Carlsbad, Calif., Palm rolled out Foleo, it’s first smart-phone companion product.

Foleo offers a large screen and full-size keyboard that allow users to easily view and edit office files and e-mail residing on a smart-phone. Edits made on Foleo are reflected automatically on its paired smart-phone and the process also works in reverse.

“It’s magic is when it’s paired with a Trio or another smart phone,” Colligan told CNBC. “We think more and more of the world are going to have smart phones and they’re going to need one big thing to complete that mobile computing system: a more robust screen and keyboard.”

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