Palm shareholders approve HP takeover plans

Palm stockholders at a special meeting on Friday approved plans for the company's acquisition by HP, according to an SEC filing.

Palm stockholders at a special meeting on Friday approved plans for the company's acquisition by HP, according to an SEC filing.

The transaction is expected to close on 1 July, according to the filing.

The companies announced in April that computer giant HP would buy the struggling smartphone maker for $1.2bn (£788m). The deal then had already been approved by both companies' boards of directors.

HP has long touted Palm's appealing IP portfolio and says it has plans to put Palm's WebOS on tablets, smartphones, web-connected PCs.

For more of this story, read Palm shareholders approve HP takeover plans on CNET News.

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