Is Apple Edging Closer to a TV?
The buzz that Apple (NASDAQ:AAPL) is close to launching a new high-definition television set got a new push on this past week after rumors that the company was looking to acquire luxury TV maker Loewe AG. Shares in the German company received a jolt higher on the news.
“Apple supposedly wants to bid 4 euros a share for Loewe,” a trader told Reuters, although a spokesman for the German company said it was unaware of any offer.
Rumors of an acquisition of the company by the iPhone maker had first surfaced in May last year after AppleInsider reported a bid worth 87.3 million euros, representing a 48 percent premium at the time. The blog said that a financial advisor had asked the company to accept the offer.
Loewe, founded in 1923 in Berlin, makes high-end home entertainment sets, but has been in some financial trouble lately in the face of economic headwinds and growing competition from Samsung (SSNLF.PK), LG, and Panasonic (NYSE:PC). The company is said to be cutting a fifth of its 1,000 jobs after losses almost tripled to 29 million euros last year.