Palm Reportedly Seeking a Buyer

Palm's suitors include Taiwan's HTC and China's Lenovo which have looked at the smartphone maker and may make offers, a report says.
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SUNNYVALE, Calif. (

TheStreet

) --

Palm

(PALM)

, the smartphone maker, plans to seek bids for the company as early as this week, a report says.

Palm is working with

Goldman Sachs

and Qatalyst Partners to find a buyer,

Bloomberg

reports, citing three people familiar with the situation. Taiwan's

HTC

and China's

Lenovo

have looked at the company and may make offers, said the people.

Palm, which makes the Pre and Pixi smartphones, ranked sixth in the North American smartphone market during the quarter ended Dec. 31 with a 4.3% share,

Bloomberg

reports, citing data from Gartner Inc. BlackBerry maker

Research In Motion

(RIMM)

was No. 1 with a 44% share, followed by

Apple

(APL)

with 24%.

Palm shares rose 32% last week on renewed speculation of a takeover bid,

Bloomberg

says.

The shares closed Friday at $5.16.

-- Written by Joseph Woelfel in New York.

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