A source from the Business Insider claims that Apple and RIM were on the platform of bidding for Palm before HP plunged in to steal the bid for $1.2 billion.

Apple sought interests in Palm's library of intellectual property and their patenting rights. Palm boasts of close to 450 patents on file and 400 more apps other than those.

Apple appeared to let go of Palm free of funding the operations. It seemingly is stated that Apple wishes to take a pie out of rival RIM's dominance in case of smartphones keyboards market. Whilst, on other side of RIM claims of almost sealing the deal but, "had to work incredibly hard to blow it," which they successfully did.

The procedure of the deal was as follows: Apple offered $600 million in cash, and then did not look up for the bid, Lenovo on the other hand wanted to bid with a full stock-for-stock transaction, but that would taken ages to complete.

RIM offered an initial bid of $7 per share (HP won with a $5.70 bid) but later came down to $5.50 after doing their "due diligence."