Submission + - Bono hands on at Palm
howhardcanitbetocrea writes: Palm announced a strategic stock sale to private equity firm Elevation, a five way partnership between musical genius Bono, Apple iPod pioneer Jon Rubinstein, and three other executives.
"We believe investors will respond well to the news. Shareholders will retain 75% ownership of the company and receive a $9 per share distribution financed by a $325 million cash infusion from Elevation and a $400 million debt offering. Elevation is acquiring preferred stock convertible at a 16% premium over recent trading levels."
"We believe investors will respond well to the news. Shareholders will retain 75% ownership of the company and receive a $9 per share distribution financed by a $325 million cash infusion from Elevation and a $400 million debt offering. Elevation is acquiring preferred stock convertible at a 16% premium over recent trading levels."
