HDTV manufacturer Loewe AG has now entered into the iTV picture although the company currently denies any kind of purchase proposal from Apple.
The latest Apple iTV rumor is that the company has made a $112 million offer to purchase German-based Loewe AG, a publicly-listed manufacturer and distributor of large-screen LCD TVs and other electronics. A formal announcement regarding a final decision on the acquisition is expected to be released by Friday.
According to an unnamed source, Loewe "has been advised by its financial adviser to accept the offer and a final decision is scheduled to be announced internally before 18 May 2012." Apple's offering is a slight premium over the TV company's current market cap of $76 million (58.79 euros). Loewe's primary shareholders include LaCie at 11.17-percent and Sharp at 28.83-percent, the latter of which produces panels for iOS devices.
Dr Siegmund Loewe and his brother David Ludwig Loewe teamed up to launch a radio manufacturing company back in 1923. By 1926, they created the triple tube along with physicist Manfred von Ardenne which went on to be used in the Loewe OE333 radio receiver. After that, Loewe went into multi-tube production and by 1929, started developing televisions. The company also began producing the first cassette tape recorder, the Optaphon, in the 1950s.
Loewe now employes around 1,000 workers worldwide in 50 countries. Sales have dropped by 11-percent over the last year, generating a loss of $13.57 million USD in 2011. However the company claims that it's now seeing a resurgence in market growth due to its premium products.
News of Apple's possible acquisition arrives after Foxconn denied claims that it was gearing up to produce Apple's rumored iTV. Company chief Terry Gou supposedly made the confirmation last week during a press event in Shanghai, even indicating that its recent 50-50 joint venture factory with Sharp in Japan was one of the preparations made for the new device. But Foxconn basically said nope, there's no iTV here.
"At no time did [Gou] confirm that Foxconn was in development or manufacturing stages for any product for any of its customers," Foxconn said. "He did say that Foxconn is always prepared to meet the manufacturing needs of customers should they determine that they wish to work with Foxconn in the production of any of their products."
Likewise, Loewe has entered "deny everything" mode as well, stating that the report of Apple's possible purchase has "absolutely nothing to it." But that denial didn't stop Loewe shares from skyrocketing 25-percent to a market cap of $99 million USD by Monday. Still, even if there's no acquisition in the works, something seems to be brewing between Apple, Foxconn, Sharp and Loewe -- something that involves an HDTV, Siri and motion sensing technology.
The truth is out there.