TomTom bid for Tele Atlas now official

Satellite navigation system maker TomTom has given Tele Atlas shareholders until December 18 to accept its €30 a share offer for the digital map maker.

If 80% do so, TomTom will declare the bid to have succeeded. On Friday, rival Garmin pulled out of the bidding. The TomTom deal, which has Tele Atlas board backing, values the company at €2.9bn.

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