Palm Shareholders Approve HP Acquisition

Shareholders of mobile device maker Palm have announced that they have accepted an acquisition offer from Hewlett-Packard.

In a filing with the US Securities and Exchange Commission, the company said that the merger would be completed on the 1 July.

HP is paying $1.2 billion to for the takeover of Palm, which it announced in April.

Todd Bradley, vice president of HP's Personal Systems Group, said: “In acquiring Palm, HP dramatically accelerates the assets needed to deliver compelling, connected mobile experiences. Palm's world-class technology coupled with HP's financial strength will accelerate our strategy for these connected global devices.”

HP has plans to develop software products based on Palm's webOS mobile operating system and make use of its smartphone line to enter the mobile market.