Navigational systems producer TomTom has increased its offer for digital map-maker Tele Atlas to €30 a share following a rival bid from the American company Garmin of €24.5 a share.
TomTom’s new offer values Tele Atlas at €2.9bn, €8bn higher than Garmin’s bid, reports ANP news service on Wednesday.
TomTom shares fell 10% in Amsterdam on the announcement with Tele Atlas shares rising 18%.
TomTom says it is now buying shares at the new bid price to build an interest of 28.3%. Garmin already has a 5% stake in Tele Atlas.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation