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ruby
Joined: 19 Feb 2005
Posts: 324
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 Posted: Sat Oct 08, 2005 1:38 pm Post subject: Motorola Sues PalmSource for Termination Fee |
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Motorola has asked a judge to award it an $8.7 million breakup fee from PalmSource, which Motorola said reneged on a $17.25-per-share buyout agreement last month. Motorola said that PalmSource directors accepted Motorola's offer on Sept. 7, only to agree two days later to an $18.50-per-share, $324 million, offer from Japan's Access.
''PalmSource was obligated to pay Motorola the termination fee of $8,697,595 on or before Sept. 16, 2005,'' but failed to do so, Motorola said in court papers. |
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