TomTom ups bid for Tele Atlas
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.
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