What do you all think about the deal ? Its already being referred to as 2010's third-largest U.S. tech acquisition.
http://online.wsj.com/article/SB10001424052748704…
Bank of America Merrill Lynch advised HP, and Goldman Sachs advised Palm.
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Qatalyst was also rumored to have been advising Palm, I wonder if that will eventually surface (perhaps GS advised mgmt, Qatalyst advised the independent directors?).
Strange deal for HP. I always assumed someone like Nokia, Ericsson, or even an HTC / Lenovo would snatch them up. Seems clear though that old-school computing guys like HP and Dell are trying to break into mobile devices - HP with the Slate and Dell with their quartet of Android phones. Given how saturated that market is with competition, I think they've got a pretty uphill battle, but at $1.2BN, it's not a make-or-break deal for a monster like HP. The IP alone is valuable to prevent Apple from trying to sue HP over their tablet designs.
The article doesn't reference the advisors on the deal, can you link where you found that information?
That's a very solid deal for BAML TMT.
Here:
http://www.reuters.com/article/idUSN2820901620100429
On DealBook it mentions both GS and Q as advisors
Fuck yeah! What happens to my PALM shares in my online trading account if I don't sell them now?
you lucky little bastard.
Talk about GS peddling crap...
what are the tech league tables looking like this year and for 09? i've seen GS on every transaction.
Smart move for HP. They really saved Palm's ass with the acquisition but it won't matter a bit if they don't build some really quality hardware. For those who have not been exposed to Palm's WebOS, it is arguably the best mobile platform available on the market today. However, they pooched the kick when they did their exclusive with Sprint (although, they probably didn't have much of a choice given Palm's terrible position in the market and previous performance). Additionally, they face a steep uphill battle as they try and compete against the Andriod platform, Apple, and RIM.
At the very least HP got the deal of the century for scooping up Palm's patent portfolio for just over $1b.
Regards
Stock's at $5.85... mergers arbs expect a higher price? Another bidder?
A higher bid may be possible, but I really think its a short squeeze. PALM had short interest of over 35% of shares out which is unusually high and people had to cover which I think is the main driver which is pushing the stock above $5.70.
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