May 12, 2020 / 6:54 AM / 24 days ago

Bang & Olufsen seeks rights issue to cope with coronavirus crisis

COPENHAGEN, May 12 (Reuters) - TV and stereo maker Bang & Olufsen on Tuesday said it will ask shareholders at an extraordinary general meeting to approve a 400 million crown ($57.99 million) rights issue to help the struggling company through the coronavirus crisis.

“Bang & Olufsen is in a serious situation, where we need to raise new capital to help us get through the global COVID-19 crisis,” said chairman of the Danish company, Ole Andersen, in a statement. ($1 = 6.8974 Danish crowns)

Reporting by Stine Jacobsen, editing by Louise Heavens

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