'iPad Mini' Coming for Less Than $300

And to think, Microsoft's new tablets are right around the corner

By Neal Colgrass, Newser Staff

Posted Apr 16, 2012 5:36 PM CDT

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'iPad Mini' Coming for Less Than $300 — This undated image provided by the SPCALA shelter shows a "painting" produced by a cat using the iPad app, Paint for Cats Thursday April 12, 2012, in Long Beach, Calif. (AP Photo/SPCALA)

Cue the agonizing groans at Microsoft: Apple is planning a new entry-level iPad for later this year designed to fend off the coming barrage of Windows 8 tablets, reports Fox Business. According to a Chinese-language news site, some 6 million "iPad minis" will come out in the third quarter at a rumored price of $249 to $299. With Apple rivals already trying to cut prices, some analysts say, their tablets may never recover in the marketplace. (Read more Apple stories.)