Smartphone maker seeking buyer

08:49, April 13, 2010      

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Palm Inc, the loss-making smartphone maker, is looking for a buyer and is seeking bids for the company as early as this week, Bloomberg reported Monday, citing three people familiar with the situation.

Palm, which makes the Pre and Pixi phones and develops WebOS phone software, is working with Goldman Sachs Group and Qatalyst Partners to find a buyer, the agency said.

Frankfurt-listed Palm shares rose 8 percent Monday, but in a few trades.

In pre-market trading in the US, Palm shares were up 7.7 percent at $5.56.

Palm's shares jumped Friday, capping a volatile week in which the smartphone maker's stock seesawed on takeover rumors and options market chatter.

Taiwan's Economic Daily News said Friday that HTC Corp, the world's No. 5 smartphone maker, has "opened discussions about an intent to acquire" Palm.

Palm has for years been mentioned as a potential takeover target for much larger companies - such as Lenovo Group - hoping to enter the mobile market or expand their presence.

"Palm's limited scale, distribution and weak global brand outside the United States all point to a takeover as the next chapter in the Palm story," said CCS Insight analyst Geoff Blaber.

"The company has developed a highly valuable asset in WebOS. The challenge for Palm is finding a buyer prepared to pay a premium for an immature platform when many potential suitors have already invested heavily in Android," Blaber said.

Source: Global Times

(Editor:黄蓓蓓)

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