HP has just announced that it's acquiring Palm to the tune of $1.2 billion, which works out to $5.70 per share of Palm common stock. The deal is planned to close by July 31, which marks the end of HP's third fiscal quarter of the year. Current Palm CEO Jon Rubinstein is "expected to remain with the company," though it's not said in what capacity. Press release after the break. There'll be a call to discuss the acquisition in more detail (well, we hope
in more detail) at 5PM ET, so we'll keep you abreast as we learn more.
's managed to grab a copy of Rubinstein's letter to Palm employees.