San Francisco ? Palm Inc., a pioneer in the smart phone business that couldn’t quite make the comeback it needed, has agreed to be bought out by Hewlett-Packard Co. for about $1.4 billion in cash.

The two Silicon Valley companies announced Wednesday that the deal will see HP pay $5.70 for every Palm common share and certain preferred shares. Also included in the $1.4 billion price tag are payments for additional preferred shares, warrants and employee restricted stock units.

Counting Palm’s cash and debt, HP’s offer values the company at $1.2 billion. Palm had closed trading Wednesday at $4.63 but traded as high as $18.09 in the past 52 weeks.

In after-hours trading, Palm shares jumped $1.20, or 25.9 percent, to $5.83 — meaning some investors were willing to bet another suitor will step forward. HP shares dipped 38 cents to $52.90.