NewsNovember 20, 2007
TomTom beats Garmin to Tele Atlas deal
TomTom appears to have beaten off a challenge from Garmin to buy Belgian cartographer Tele Atlas.
The Dutch sat nav manufacturer has posted a bif of €2.9 billion (£2 billion), driving rival Garmin away from the negotiating table, taking their €2.3 billion (£1.6 billion) bid with them. Garmin had previously had their offer recommended to shareholders by the board.
TomTom now has until 18 December to secure 80 per cent or more of the available shares in TomTom to make its offer unconditional.
Tele Atlas supplies maps to TomTom and Google amongst others.
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