NEW YORK (Reuters) – Palm Inc. is not pursuing a sale of the mobile phone and portable computer maker, chief executive Ed Colligan said on Thursday.
Answering speculation that Palm, maker of the Treo smart phone, was a takeover target, Colligan said that chatter likely comes because the company’s stock price and cash position have created a perception that it is a “good value.”
“The company is not for sale,” he said on the sidelines of a press conference in New York. “We have not been out pursuing (a deal). Our strategy is to execute against our plan.”
His comments were made at a press conference where Palm introduced a new Treo device and launched a related $25 million marketing campaign.