iBrotha:
Be Incorporated, the creator of the BeIA and BeOS operating systems, today announced it has entered into a definitive agreement to sell its intellectual property and technology assets to Palm, Inc. The purchase price is $11 million, to be paid in common stock of Palm, which Be currently intends to liquidate as soon as reasonably practicable following the closing of the transaction. Beis board of directors has approved the transaction, and the winding-up of Beis operating business following the closing. The closing of the transaction and the winding-up are subject to the approval of Beis stockholders, and the satisfaction of other customary closing conditions. The transaction is expected to close in the fourth calendar quarter of 2001.
Be will be retaining certain rights, assets and liabilities in connection with the transaction. The retained rights and assets include Beis cash and cash equivalents, receivables, certain contractual rights, and rights to assert and bring certain claims and causes of action, including under antitrust laws.