The US navigational systems producer Garmin has made a rival bid for the Dutch-Belgium digital map-maker Tele Atlas, beating TomTom’s offer by 15%.
Garmin has offered €24.5 per share in cash for Tele Atlas, valuing the company at €2.3bn.
TomTom bid €21.25 per share on October 2, putting the total worth of the company at €1.8bn. But Tele Atlas shares have been listed higher than this since TomTom made the offer and a rival bid has been expected.
TomTom’s bidding term expires on December 4.
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