Palm has announced that they will be selling a 25 percent stake in the company to private equity firm Elevation Partners for approximately $325 million dollars. Palm will also be bringing on board Jon Rubinstein who used to run the Apple iPod division as executive chairman of the board for Palm. Palm will be using the new investment and existing cash to pay $9 dollars a share to shareholders within the company. Additionally, Palm will replace board members Eric Benhamou and D. Scott Mercer with Fred Anderson and Roger McNamee.

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