Bose makes stock donation to MIT
Amar Bose, founder of a company that bears his name, has given the majority of the stock of Bose Corp. to his alma mater, the Massachusetts Institute of Technology, MIT said today in a statement on its website.
The gift is in the form of non-voting shares, MIT said, and it added that it will receive annual cash dividends on those shares when dividends are paid by Bose Corp.; those cash dividends will be used by MIT to sustain and advance MITís education and research mission.
"Under the terms of the gift, MIT cannot sell its Bose shares and will not participate in the management or governance of the company," MIT said.
Asked about the value of the gift, an MIT spokesman replied by e-mail: "Dr. Bose and Bose Corp., a privately held company, keep details of financial matters confidential. MIT will honor that confidentiality and will not discuss the financial details of this gift."
Headquartered in Framingham, Bose Corp. is a private company perhaps best known for audio products such as speakers and sound systems. In 2010, Bose Corp. had revenue of more than $2 billion, a company spokeswoman said in an e-mail.
Asked about the value of the gift, she replied, "All the details we're sharing are provided on the MIT News Office website."
Bose received his bachelorís degree, masterís degree, and Ph.D from MIT, the release noted. †