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Palm shareholders approve HP takeover plans

Stockholders of the struggling smartphone maker on Friday met and approved its $1.2 billion acquisition by Hewlett-Packard.

Palm stockholders at a special meeting Friday approved plans for the company's acquisition by Hewlett-Packard, according to an SEC filing.

The transaction is expected to close on July 1, according to the filing.

The companies announced in April that computer giant HP would buy the struggling smartphone maker for $1.2 billion. The deal then had already been approved by both companies' boards of directors.

HP has long touted Palm's appealing IP portfolio and says it has plans to put Palm's WebOS on tablets, smartphones, Web-connected PCs.