Palm Shareholders Approve Elevation Partners Investment

Palm has just posted a press release indicating that the company shareholders have voted to approve the $325MM investment in Palm by Elevation Partners.

“Palm, Inc., (Nasdaq:PALM) 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.”

“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.”

It will be interesting to see what becomes of this deal. Many Palm fans are hoping that this agreement will help put the company back on track with new and innovative products while avoiding the problems that plagued the recently canceled Foleo mobile companion.

Read the full Palm press release