A Japanese firm called Access has acquired PalmSource, the provider of the Palm OS. Access agreed to acquire PalmSource in an all-cash transaction valued at USD $18.50 per share of PalmSource common stock , or approximately USD $324.3 million. ACCESS' USD $18.50 per share offer represents an 83% premium for PalmSource stockholders based on the market closing price of USD $10.09 on September 8, 2005.
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.