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Apr122010

Palm seeking bids for the company

Palm Inc.is seeking bids for the company, according to three people familiar with the situation “The company is working with Goldman Sachs Group Inc. and Frank Quattrone’s Qatalyst Partners to find a buyer, said the people, who declined to be identified. Taiwan’s HTC Corp. and China’s Lenovo Group Ltd. have looked at the company and may make offers, said the people. Palm, creator of the Pre smartphone, which helped pioneer the market for personal digital assistants, would offer suitors the WebOS software that competes against mobile operating systems from iPhone maker Apple and Google. “Palm still has quite a good brand in the U.S. market, and some strong technology, so you can do something with it,” said Frank He, a technology analyst at BOC International Holdings Ltd. in Hong Kong. “The shares have gone down a lot and the company may become attractive to anyone looking for a turnaround play.” Palm rose 11% to $5.16 on April 9 in Nasdaq Stock Market trading. The shares jumped as much as 9.4% in Europe, trading 9% higher to the equivalent of $5.67 at 10:52 a.m. in Frankfurt.

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