Palm shareholders approve partial sale

Palm's shareholders have voted to approve the partial sale of the company to private equity firm Elevation Partners, as expected. The move will change the company's board by adding Jonathan Rubinstein, the former head of the iPod division at Apple, as the executive chairman. The new board will also include embroiled former Apple CFO Fred Anderson as well as longtime Silicon Valley investor, Roger McNamee, who are both with Elevation Partners. The deal sees Elevation paying $325 million in cash for 25 percent of the company, while Palm will pay out about $940 million in cash to shareholders for their reduced ownership. Elevation Partners counts U2 frontman Bono as one of its partners.

For more on the deal:
- read this press release