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Tele Atlas accepts TomTom's upped bid.(NEWSLINK)
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GEO World
- Article date:
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December 1, 2007
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Copyright informationCOPYRIGHT 2007 Bev-AL Communications, Inc. 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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Tele Atlas NV, Amsterdam, accepted Amsterdam-based TomTom NV's latest purchase offer of $4.3 billion and recommended shareholders support TomTom's bid over Olathe, Kan.-based Garmin Ltd.'s $3.3 billion offer.
According to Tele Atlas' management, "The revised [TomTom] offer is more favorable to Tele Atlas, its shareholders and other stakeholders than the Garmin proposal dated Oct. 31, 2007."
Some industry members, however, including analyst Peter Friedland of Soleil Equity Research, expect Garmin to make a counter offer. Friedland anticipates Garmin will "come back with a higher bid, as we believe the same benefits of owning Tele Atlas apply to Garmin," he said.
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