HP Snagged Palm after Five-Way Bidding War
Late last month, Palm finally found a buyer, HP to rescue the company for 1.2 billion. Palm had been shopping around looking for a buyer since February and now, the full details of what exactly transpired behind the scenes have been revealed.
Engadget - Palm and HP seem like the happiest of corporate couples right now, but theirs was a heated courtship: according to Palm's latest statement to shareholders, a total of 16 companies were contacted about a deal, and HP was the winner of a month-long bidding war that involved serious offers from five companies -- a bidding war that involved Jon Rubinstein personally warning HP that it had to "significantly and immediately" increase its offer to remain in the game. What's more, HP's winning bid came in at just 20 cents a share more than its primary rival.
While there's no word on who were the other bidders, it still makes for an interesting read here.