Confusions Surrounds an Apple (AAPL) TV Acquisition
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +11.2%
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At the Goldman Sachs conference yesterday, Apple (Nasdaq: AAPL) CEO Tim Cook said the company is open to acquisitions. Less than 24 hours later rumors of a pending deal swept across markets.
The rumored target for Apple is German HDTV maker Loewe AG.
AppleInsider first reported the deal, saying a final decision is expected by the end of the week. The report said no offer has yet been accepted, although a source said the company "has been advised by its financial advisor to accept the offer and a final decision is scheduled to be announced internally before 18 May 2012."
The deal makes sense given Apple's ambitions of expanding in the TV market and rumors they will introduce a full-fledged TV.
Shares of Loewe AG surged 30 percent in German trading.
While the AppleInsider report had details suggesting a deal was in fact close, comments from Loewe's management suggests otherwise. Loewe CEO Oliver Seidl that the company has had "no contact" with Apple about a deal. In addition, supervisory board Chairman Rainer Hecker also said he is not aware of any takeover intentions.
So the question then is: Did AppleInsider have a bad source? or has Apple not yet approached Loewe about a deal?
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The rumored target for Apple is German HDTV maker Loewe AG.
AppleInsider first reported the deal, saying a final decision is expected by the end of the week. The report said no offer has yet been accepted, although a source said the company "has been advised by its financial advisor to accept the offer and a final decision is scheduled to be announced internally before 18 May 2012."
The deal makes sense given Apple's ambitions of expanding in the TV market and rumors they will introduce a full-fledged TV.
Shares of Loewe AG surged 30 percent in German trading.
While the AppleInsider report had details suggesting a deal was in fact close, comments from Loewe's management suggests otherwise. Loewe CEO Oliver Seidl that the company has had "no contact" with Apple about a deal. In addition, supervisory board Chairman Rainer Hecker also said he is not aware of any takeover intentions.
So the question then is: Did AppleInsider have a bad source? or has Apple not yet approached Loewe about a deal?
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