Proview Turns Greedy After Apple Puts Offer on Table
News reports in China say Proview Holdings is countering Apple’s (NASDAQ:AAPL) offer for a settlement in the two companies’ iPad trademark case for a figure that is 25 times what was put on the table. Apple tried to close out the long-drawn case that has prevented it from launching the iPad 3 in the Chinese mainland by offering $16 million, which Proview rejected last week.
A report in the Beijing Times says Apple offered 100 million yuan ($16 million) for rights to the trademark, but the bankrupt Proview is believed to be looking for at least $400 million. Proview, whose bankruptcy creditors include eight Chinese banks, is battling possible liquidation. Reports also say that Proview’s case against Apple in California, dismissed on Wednesday by the judge, was worth $2 billion.
Apple and Proview have been trying to reach a settlement after the Chinese court deciding on the case asked attorneys to discuss settlement before it delivered a verdict.
Apple launched the iPad 3 in March, but has not yet put it on shelves in the Chinese mainland because of the fight. All other Apple products have been extremely successful in China, with the company landing almost $8 billion in sales from the country in the last quarter.