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Article: TomTom, Garmin Square Off Over Tele Atlas.
- Article from:
- TWICE
- Article date:
- November 5, 2007
- Author:
CopyrightCOPYRIGHT 2007 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Amy Gilroy
AMSTERDAM, THE NETHERLANDS - TomTom and Garmin locked horns last week in a heated bidding war over who will own the single remaining independent GPS map maker, Tele Atlas.
Garmin announced it plans to outbid TomTom by 15 percent with an offer to buy Tele Atlas for $3.3 billion dollars. As TWICE went to press, the Tele Atlas board accepted Garmin's intended offer and said TomTom had five days to respond, according to reports by MarketWatch and Thomson Financial.
All eyes are now on TomTom in what has become a fight for ownership of the key ingredient in GPS - the digital maps.
TomTom touched off that race in July when it ...