Sunnyvale, Calif. -- Palm, the Sunnyvale-based maker of smartphones and other mobile devices, said on Wednesday that its stockholders have approved proposals that will allow the company to conclude a $325 million investment by Elevation Partners and borrow up to $400 million in an associated debt financing. The company also plans to make a cash distribution of $9 a share to stockholders and make related adjustments to its equity plans. In connection with the transaction, Palm will appoint Jon Rubinstein as its executive chairman of the board.
http://investor.palm.com/releasedetail.cfm?ReleaseID=263748
http://www.palm.com
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