U.S. News

Palm Takeover Expected This Week-Report


Palm could be sold for at least $20 per share this week and at least four bidders are interested, including private equity firm Texas Pacific Group, according to unnamed sources cited by technology news Web site Unstrung.com.

Texas Pacific declined to comment. A spokeswoman for Sunnyvale, California-based Palm, which makes the Treo smartphone, was not immediately available.

Sources have previously told Reuters that Palm hired Morgan Stanley to pursue a buyer.

Other bidders may include Nokia or Motorola, the site said. It also said there was speculation that private equity firm Silver Lake was interested in the company.

The site said that Morgan Stanley wants to wrap a deal by March 22.

Palm shares were up just under 5% at $19.02 in pre-market trading after having closed at $18.14 on the Nasdaq on Monday.