Lenovo considers buying Palm -

Lenovo has come out of the woodwork and said it's entering the bidding race for Palm, sending Lenovo's shares up to a 23 month high.

Other buyers in the East Asian market have turned their noses up at Palm, but Lenovo is saying it's interested. So far Lenovo has refused to comment. The only other company that has shown interest in the brand is smartphone giant HTC, but it decided that it would rather not, after all. It seems Chinese giant Lenovo could be the one that will buy out the struggling company.

Palm was riding on a huge hype train before it launched its Pre smartphone. However, it turned into something of a disaster, generally averaging mediocre reviews. It has struggled to flog its smartphones to semi-interested parties.

A Palm sale could go for as much as $1.3 billion all-in.

Lenovo has dabbled with smartphones in China but has litle grasp on the international market. Crucially, it as yet has no presence in the US, reports Reuters, which is the world's largest smartphone market. The purchase would make sense, some analysts have said to Reuters, and fits in with its strategy of buying up companies that already had a presence outside of China, famously making a bid for Packard Bell back in 2007.