Lenovo declares intent to buy Packard Bell

Lenovo on Tuesday declared its intent to acquire long-time PC builder Packard Bell, revealing that it was in talks with a third-party company that would help research the takeover and government bodies both in its Chinese home and in Packard Bell's European territory to smooth out the acquisition process. Lenovo did not explain whether the takeover bid was friendly or provide an estimate for the financial terms of the buyout. Packard Bell also has yet to comment on the prospect of the deal, which is still uncertain.

Although relatively new to North American buyers, Lenovo is currently the third-largest PC maker in the world and is known for both buying the rights to IBM's ThinkPad and ThinkCenter PC lines as well as dominating the Chinese market ahead of US rivals such as Dell. Packard Bell, in turn, was forced out of the US computer market through poor sales but has enjoyed relative success in Europe selling both PCs as well as handheld media players and GPS units.