In a breaking story, Access Inc, a Japanese mobile internet software company, has announced plans to acquire PalmSource, maker of the Palm Operating System. Access Inc makes the Netfront web browser, as well as various other mobile software packages.
The total price of the buyout will be approximately $324 million dollars, or $18.50 per share of stock, an 83% premium over PalmSource’s current stock price. Access plans to make PalmSource a wholly owned subsidiary, for use in developing mobile phone software.
The buyout has been approved by both companies boards of directors, and pending approval of regulators and PalmSource shareholders, is expected to be completed by the end of this year.