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If Palm sells, U2’s Bono is set for multi million windfall

If Palm is sold as the rumours continue to go on it has been reported that U2’s Bono is set to collect a huge multi million pound windfall. The sales of the Palm Pre said to be an iPhone killer just didn’t hit the mark and was proved unpopular with consumers.

Bono’s private equity company Elevation Partners is a major shareholder in Palm which has put itself up for sale. Elevation Partners are said to have purchased a further $100m Palm shares at $3.24 per share in December 2008 which took its stake up to 41pc.

Palm who saw their shares jump 32pc to $5.16 last week is reported to be seeking bids for the company. Lenovo and HTC are already said to have put offers in for Palm which recently tried to revitalise its fortunes with the launch of both the Pre and Pixi range of high end Smartphones.

Sadly sales of the devices have been very disappointing and as a result the value of the company has plunged with Palm reporting 11 straight quarterly losses. Palm originally made its name making personal digital assistants back in the 90’s, and had hoped that the launch of the Pre would somehow reinvigorate the company.

Source – telegraph.co.uk