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Edition: U.S. Article Comments (0) Save Email Print Reprints Palm's recent history April 9 - Palm shares rise as takeover rumors persist April 7 - Shares rally on takeover talk March 26 - BMO raises Palm to market perform March 19 - Elevation backs Palm, despite woes March 18 - Revenue forecast lower than estimates Feb. 25 - Revenue outlook cut on weak phone sales Jan. 8 - 2010 seen as turnaround year Dec. 18 - Smartphone battle heats up Most Popular Most Shared Thai PM pressured as army chief calls for polls | Video 9:54am EDT Obama meets China's Hu at nuclear summit | Video 4:27pm EDT Republicans warn Obama on Supreme Court nominee 11 Apr 2010 Reuters TV cameraman's chilling last picture show | Video 4:06pm EDT Kyrgyz president rallies followers, warns of blood 6:06am EDT Thai PM pressured as army chief calls for polls | Video 9:54am EDT German city pays 100,000 euros to find dead cobra 09 Apr 2010 Spanking your kid could hatch a bully 9:40am EDT Reuters TV cameraman's chilling last picture show | Video 4:06pm EDT CORRECTED - UPDATE 2-Smartphone maker Palm seeking a buyer -report 8:04am EDT Palm hires advisers, explores options: source Anupreeta Das and Franklin Paul NEW YORK Mon Apr 12, 2010 3:52pm EDT Jon Rubinstein, chairman and chief executive of Palm, talks about new games for Palm phones during a news conference at the 2010 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 7, 2010. Credit: Reuters/Steve Marcus NEW YORK (Reuters) - Palm Inc has hired bankers to explore several options, including a sale of the company, whose smartphones sales have suffered badly against rivals like the iPhone and BlackBerry. Technology | Deals | Media Palm, whose shares jumped 19 percent Monday to $6.16, is working with Goldman Sachs Group Inc and investment banker Frank Quattrone's Qatalyst Partners, according to a source, who spoke on condition of anonymity because the process has not been made public. Alternatives include the pursuit of additional capital investment or an attempt to reach a licensing agreement for its WebOS phone operating system software, the source said. News that Palm had hired Goldman and Qatalyst was first reported by Bloomberg, and followed several days last week when the company's stock swung wildly on takeover rumors. For the week, Palm shares were up 32 percent. Speculation about a sale of Palm has swelled, as sales of its Pre and Pixi handsets flag amid concerns that it cannot compete against Research in Motion Ltd's BlackBerry, Apple Inc's iPhone or phones powered by Microsoft Corp and Google Inc software. But analysts cautioned that Palm's exploration may not end with a sale, given Chief Executive Jon Rubinstein's optimism -- at least publicly -- that the company can be turned around. Last month, Rubenstein told analysts that "the issues we are facing are far from insurmountable" and that the long-term potential for Palm "remains strong." He reiterated that stance in an interview last week with Fortune magazine, in which he said Palm's transformation had merely "hit a speed bump." "The change of direction seems very sudden -- who knows what may have happened behind the scenes," said NPD analyst Ross Rubin. "But it is very competitive out there, and Palm is competing with some companies that have tremendous resources." PRICE TAG - MORE THAN $1 BILLION Suitors would likely pay more than $1 billion for Palm. As of Friday's close, it had a stock market value of $870 million, and deals for technology companies are carrying a premium of about 30 percent these days, according to bankers. Any buyer would face additional integration costs. Still, the price tag could be far lower than what Palm would have fetched last year, following the introduction of its Pre phone. In the past six months, the money-losing company's stock has tumbled 69 percent, and its market capitalization has tumbled from about $2.4 billion. At the moment, Elevation Partners, the private equity firm that includes U2 lead singer Bono among its partners, controls roughly 30 percent of Palm. Elevation in 2007 bought a 25 percent stake in Palm for $325 mln, and has made three more investments in the company since then. Spokespeople from Palm in Europe, Goldman Sachs and Elevation declined to comment. Qatalyst did not immediately return calls for comment. For years, Palm was considered a target for larger companies hoping to enter or expand in the mobile market. Analysts say its most valuable asset is the WebOS operating system, which yielded rave reviews but lackluster sales. Palm shipped a total of 960,000 smartphones in the February quarter, but only 408,000 of those went to consumers. "Palm's limited scale, distribution and weak global brand outside the United States all point to a takeover as the next chapter in the Palm story," said CCS Insight analyst Geoff Blaber. The challenge, Blaber said, would be "finding a buyer prepared to pay a premium for an immature platform," particularly when so many companies have already invested heavily in Google's Android system. What may have pushed Palm to consider a sale, analysts said, is the intensifying competition in smartphones, among the hottest areas in consumer electronics. Not only does Apple have plans to improve its already popular iPhone, but Microsoft on Monday unveiled another new line of phones. What's more, Palm's effort earlier this year to bring its Pre and Pixi phones to Verizon -- after they had been exclusively sold by Sprint Nextel Corp -- failed to ignite sales. "It's as a good a time as any (for a sale), because I just don't see an immediate turnaround," said analyst Lawrence Harris of CL King & Associates. Interest in Palm could come from a number of corners, including computer makers and rival handset makers. HTC Corp, the world's No. 5 smartphone maker, had "opened discussions about an intent to acquire" Palm, Taiwan's Economic Daily News reported on Friday. Earlier in the week, rumors circulated about a potential bid from Lenovo Group. Dell Inc and Microsoft, as well as handset manufacturer Nokia and Motorola Inc have been named in the past as potential suitors. (Additional reporting by Tarmo Virki in Helsinki, Sakthi Prasad in Bangalore and Victoria Howley in London; Editing by Karen Foster, Derek Caney and Richard Chang) Technology Deals Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Microsoft launches Kin phones SAN FRANCISCO (Reuters) - Microsoft Corp launched two new phones aimed at young people on Monday, marking a fresh assault on the low end of the growing smartphone market, where BlackBerry maker Research in Motion Ltd and Apple Inc now dominate. Ex-Activision executives form studio, sign EA deal Creator of Java programming language leaves Oracle Palm hires advisers, explores options: source Online sites win journalism firsts at Pulitzers Paramount offers movies on Seagate hard drives » More Top News Obama tightens screws on Iran President Obama begins an unprecedented 47-nation nuclear summit where he aims to push for Iran sanctions. Full Article Factbox: Current sanctions on Iran Ahmadinejad: Summit "humiliating" Infographic: World nuclear arsenals Slideshow: The world's nuclear powers Iran Poland moves to fill key positions Poland's acting president will set an election date following the plane crash that killed the country's leaders, main opposition and central bank governor. Full Article Factbox: Polish crash leaves vacuum Q&A: What's next for central bank Slideshow: Poland mourns World © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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