The Palm shareholders have voted to sell part of the company to Elevation Partners, a private equity firm. Elevation Partners will pay $325 million for 25% of the new company. Shareholders will receive $9 per share for a reduced interest in the company.
As part of the deal Jon Rubinstein, former head of the iPod division at Apple, will join Palm as executive chairman of the board. Fred Anderson and Roger McNamee, managing directors and co-founders of Elevation, will also join Palm's board of directors.
"We appreciate our stockholders' strong support of these proposals and look forward to an era of renewed innovation and focused execution at Palm," said Ed Colligan, president and CEO.
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