Garmin Offers $3.3 Billion For Tele Atlas
By James Quintana Pearce - Wed 31 Oct 2007 05:36 AM PST
Navigation company Garmin has made a bid for Tele Atlas, overbidding TomTom’s July bid by a fair bit. Garmin is offering 24.50 euro (US$35.35) per share in cash, valuing Tele Atlas at 2.3 billion euros (US$3.3 billion). The offer will require antitrust approval and the tendering of at least two-thirds of the issued share capital. Garmin said the offer was 15 percent higher than the offer by TomTom and a 48 percent premium to the Tele Atlas share price on July 20. Garmin would keep the company as a separate entity. (release)
