PalmSource to Be Acquired by the Developer of the NetFront Browser
In a joint announcement in Sunnyvale and Tokyo, PalmSource disclosed that it is becoming part of Access Company, Ltd., the developer of the NetFront browser and other Internet technology for mobile devices. The agreement is said to be a definitive, all cash deal valued at $324.3 million, approximately ¥35.9 billion, or $18.50 per share of PalmSource. Both boards of directors have already approved the transaction.
According to the announcement, "ACCESS' USD $18.50 per share offer represents an 83% premium for PalmSource stockholders based on the market closing price of USD $10.09 on September 8, 2005.... The acquisition is expected to be completed by the end of 2005 calendar year, pending regulatory approval and the approval of PalmSource's shareholders."
More information about Access Company, Ltd., may be found at http://www.access-us-inc.com/. [ via The Wall Street Journal, registration required ]
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