Shares in Loewe AG today rose by 24 per cent after Web blog AppleInsider reported that technology giant Apple has made a buyout offer for the German luxury TV maker.
Citing a person familiar with the matter, AppleInsider said that the Cupertino, California-based company was willing to pay €87.3 million ($113 million), a 48 per cent premium to Loewe's closing price on 11 May of €4.5390.
Responding to AppleInsider report, Loewe told German technology news website Heise that there is no truth to the story and denied that it is in talks with Apple.
Founded in 1923 by two brothers Dr. Siegmund and David Ludwig Loewe, the Kronach, Bavaria-based company makes state-of-the-art and elegant flat screen digital TV's
In 2005, Loewe became the leading premium flat screen television provider when it introduced the first flat screen television with individualised housing versions, set-up options and inset colours.
In 2008, brought out a new digital television where non-system end devices could be connected to a flat screen television set and in 2010, Loewe introduced the Mediacenter, a futuristic entertainment networking for the entire home.