14 DAY TRIAL // ACCESS, a company based in Tokyo, which makes NetFront browser, and PalmSource, provider of Palm OS, have signed a definitive agreement for ACCESS to acquire PalmSource in an all-cash transaction valued at $18.50 per share of PalmSource common stock , or approximately $324.3 million
The acquisition of PalmSource is expected to further extend ACCESS' leadership as a provider of mobile content delivery and Internet access software for mobile devices worldwide. The combination of Palm OS with ACCESS' software products is expected to give ACCESS one of the broadest lines of mobile software in the industry, as well as extend its market opportunity. With this acquisition, ACCESS gains operating system platform expertise and Linux development resources for mobile devices in the U.S., France and China.
Ed Colligan, Palm president and chief executive officer said, "Palm's award-winning user experience and application expertise, combined with ACCESS' leading software development capabilities, will allow us to continue to deliver great products for our customers. ACCESS is currently a software technology partner and we look forward to continuing our strong working relationship to advance the Palm OS platform."
The merger agreement has been approved by the board of directors of each of ACCESS Co., Ltd. and PalmSource, Inc. The acquisition is expected to be completed by the end of 2005 calendar year, pending regulatory approval and the approval of PalmSource's shareholders.
PalmSource plans to file a proxy statement with the Securities and Exchange Commission and schedule the date of a special meeting of stockholders to vote on the transaction.