HP Fought Off Apple, Google and RIM To Win Palm

Apple was a key player in the race to snap up ailing smartphone maker Palm earlier this year, but was outbid by HP's $1.2 billion offer, Business Insider reports.

Citing an unnamed source familiar with the matter, Business Insider disclosed that search giant Google and Blackberry maker Research in Motion were also looking to purchase the company.

The Business Insider source claims that Apple was very interested in acquiring Palm's library of intellectual property, which comprised more than 450 patents and 400 pending patent applications.

Despite its apparently low bid, Apple was willing to fund Palm's smartphone operations to challenge RIM's dominance.

Apple had previously shown interest in acquiring Palm when it was owned by 3Com.

The source claims Google only entered the race for Palm because it thought Apple might acquire it.

RIM is said to have initially offered the highest bid and "had to work incredibly hard to blow" the deal. HP later increased its bid and won the bidding war, the source says.