Thursday, April 29, 2010

HP to Buy Palm, Bono to Profit

Bloomberg/BusinessWeek reported:

Palm Inc. (PALM US) surged 26 percent, the most since January 2009, to $5.84. The maker of the Pre smartphone agreed to be bought by Hewlett-Packard Co., the world’s biggest maker of personal computers, for $5.70 a share, or $1.2 billion, representing a 23 percent premium over Palm’s closing price yesterday.

Palm's current owners include Elevation Partners (EP), a private equity underwriter (PEU). U2's Bono is Managing Director for EP. There's no news announcement on EP's website. When it's released, will Bono sing the deal's praises?