Hewlett-Packard Inc. agreed to acquire Palm Inc. for nearly $1 billion in cash, ending months of speculation about the fate of the troubled wireless handset maker. H-P said it will pay $5.70 per share in cash for Palm, representing a premium of 23% over the closing price of Palm's shares on Wednesday. Palm has been the subject of takeover rumors for weeks, as slow sales of the company's latest smart phones have depressed the stock's value and made analysts question the company's future. Palm developed its own mobile operating system called webOS and has launched two handsets -- the Pre and the Pixi -- on the new platform.
Source: WSJ
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