Rumours of bid by Apple sends shares of German luxury TV maker Loewe zooming
13 Feb 2013
Shares of German luxury TV maker Loewe AG rose today by 12 per cent on market rumours that technology giant Apple Inc was planning to table a $5.4 (€4) bid for the company.
This is not the first time that such rumours have emerged. Last May, shares in Loewe rose by 24 per cent after Web blog AppleInsider reported that Apple has tabled a €87.3 million ($113 million) bid, a 48-per cent premium to Loewe's closing price on 11 May of €4.53.
Of course, no such bid was tabled and Loewe's stock price tumbled a few weeks later, but the story has since gained credence since Apple has long been rumoured to be working on launching an interactive TV.
Shares in Loewe closed today at €3.09.
Founded in 1923 by two brothers Dr. Siegmund and David Ludwig Loewe, the Kronach, Bavaria-based company makes state-of-the-art, elegant flat screen digital TVs and other home entertainment systems.
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.
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