Palm, Inc. today announced that Palm stockholders have approved proposals that will permit Palm to conclude a $325 million investment by Elevation Partners, L.P., borrow up to $400 million in an associated debt financing, make a cash distribution of $9.00 per share to Palm stockholders, and make related adjustments to its equity plans.
In other actions, the stockholders elected Gordon Campbell and Donna Dubinsky as Class II directors to serve until the annual meeting of Palm stockholders to be held in 2010, and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending May 30, 2008.
“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 chief executive officer, in the press release.
In connection with this transaction, Palm will appoint Jonathan Rubinstein, who headed Apple’s iPod business, will become executive chairman of the Board of Directors. Rubinstein also spearheaded development of Apple’s iMac, as well as being part of Apple’s inner circle when Steve Jobs joined the computer company. Fred Anderson, Apple’s former finance chief, will join Palm’s board. Investor Roger McNamee also becomes a Palm director.
MacDailyNews Take: It’s possible that some or all of these ex-Apple execs have an axe to grind. Unfortunately for them, Palm is more like a rapidly melting Jello Pudding Pop. Happy grinding, guys!