April 9, 2007 / 4:55 AM / 11 years ago

Palm chief focusing on regaining sales - Bloomberg

NEW YORK, April 9 (Reuters) - Palm Inc. PALM.O Chief Executive Officer Ed Colligan told Bloomberg News that he is ignoring calls to sell the phone maker and is focused on winning back sales lost to competitors like Research In Motion Ltd. RIM.TO and Nokia Oyj NOK1V.HE.

“I can’t sit here and worry about that,” he said in an interview with Bloomberg at Palm’s Sunnyvale, California, headquarters.

“I can only worry about how the business is performing and what can we do as a team to do better, to get our products out faster, to drive for higher reliability, to grab more market share.”

Colligan, 46, downplayed speculation about a buyout.

The company has hired Morgan Stanley (MS.N) to review options including a sale of all or part of the company, sources said.

Colligan would not comment on the bank’s role and said Morgan Stanley has been Palm’s banker for years.

At least one strategic buyer is interested in taking over the maker of the Treo smartphone, a source familiar with the situation told Reuters last month.

    Mobile phone makers Motorola Inc. MOT.N and Nokia NOK1V.HE, and electronics makers Dell Inc. DELL.O and Hewlett-Packard Co. (HPQ.N) have all been speculated as companies possibly interested in Palm, while reports have also said that bids could come from private equity players.

    The bidding process was now at the stage where interested parties conduct due diligence, the source said last month, referring to the review potential buyers conduct before acquiring a target.

    Motorola has since cut its outlook, which led some analysts to conclude that the likelihood of it buying Palm had diminished.

    ((Reporting by Mark Porter, editing by Kim Coghill; mark.porter@reuters.com, 646 223 6000)) Keywords: PALM/

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