HTC has apparently pulled out of any prospective deal to buy Palm, the company it used to produce phones for.

The Taiwanese firm was invited to make a bid for Palm, but after looking at the company's books has decided to decline, according to Reuters.

Citing a source with direct knowledge of the deal, any possibility of a bid was withdrawn as "There just weren't enough synergies to take the deal forward."

And that's a no from us too

Huawei, a company that has dabbled in mobile phone production recently but is better known for creating telecoms infrastructure equipment, has also passed up the chance to buy Palm, according to the same source.

Now Lenovo has been tipped as the most likely to purchase Palm, as it looks to capitalise on its fast market growth and expand into the US, where it has minimal presence compared to other markets.

Palm is rumoured to be available for around £780 million, although that figure could drop as companies look at the future assets of the brand before making a bid, with the development of the webOS the main jewel up for grabs.

Via Reuters