Palm Inc. (NASDAQ: PALM), the struggling smart-phone developer, announced yesterday that shareholders approved the company's transaction with Elevation Partners.

The deal calls for Palm to receive a $325 million investment from Elevation Partners and borrow up to $400 million in debt financing. The cash proceeds will be used to pay a fat $9 dividend to shareholders. Elevation will gain board seats as partners Fred Anderson, Apple Inc.'s (NASDAQ: AAPL) former chief financial officer, and Roger McNamee, the long-time tech investor, will join the board. On their way out are directors Eric Benhamou and Scott Mercer.

Palm will also get Jonathan Rubinstein, the former head of Apple's iPod business, to become the new executive board chairman.

Palm pulled its new product initiative, Foleo, last week. Now it appears the device maker will try to outdo Apple by bringing Anderson and Rubinstein on board. However, the major ingredient that is still missing is that Apple has Jobs and Palm does not. Right now, Palm is a show-me stock -- show me the results before I jump into these shares.

MAJOR PAPERS:

• The Wall Street Journal (subscription required) reported that Fred Anderson, the former Apple (NASDAQ: AAPL) CFO, said through his lawyer that Apple CEO Steve Jobs misled him regarding board actions on stock-option awards.
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• The next CEO of Royal Dutch Shell (NYSE: RDS.A) will probably be promoted from within the company, Royal Dutch Shell chairman Jorma Ollila said yesterday, reported the Financial Times (subscription required).
  

OTHER PAPERS:

• The New York Times reported that Jarden Corp. (NYSE: JAH) will acquire K2 Inc. (NYSE: KTO) for about $1.2 billion in cash and stock, or $15.50 per share.
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• The U.K. Times has reported that US Airways (NYSE: LCC) has pulled out of a $3.7 billion deal with Airbus, for Boeing (NYSE: BA), which US Air will order 20 to 30 787 Dreamliners from, worth between $3.2 billion and $4.9 billion.