Palm Drew Many Suitors Beyond HP
New details have emerged regarding Hewlett-Packard’s $1.2 billion acquisition of Palm. While the smartphone maker may have been financially struggling, it was hardly an unnoticed wallflower before HP came along, according to a proxy statement Palm filed with the Securities and Exchange Commission.
The statement reads a bit like a novella, detailing the advancements, negotiations and refusals that occurred in the weeks leading up to HP’s April 28 announcement.
According to the statement, 16 companies expressed interest in Palm between Feb. 25 and April 1, and six — HP included — entered into nondisclosure agreements and met with Palm and its advisers to review private information. HP is the only company directly named in the statement, with the others referred to as Company A, etc.
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