The purchase price is $11 million, to be paid in common stock of Palm, which
Be currently intends to liquidate as soon as reasonably practicable following
the closing of the transaction. Be’s board of directors has approved the
transaction, and the winding-up of Be’s operating business following the
closing. The closing of the transaction and the winding-up are subject to the
approval of Be’s stockholders, and the satisfaction of other customary closing
conditions. The transaction is expected to close in the fourth calendar
quarter of 2001.
Be will be retaining certain rights, assets and liabilities in connection
with the transaction. The retained rights and assets include Be’s cash and
cash equivalents, receivables, certain contractual rights, and rights to
assert and bring certain claims and causes of action, including under
antitrust laws.
SOURCE: COMPANY PRESS RELEASE
