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Wednesday, 03 October 2007 13:38

TomTom makes offer for Tele Atlas

Written by David Stellmack

Image

Offer is well below Nokia-NAVTEQ offer


 

We reported yesterday about Nokia’s proposed takeover offer of NAVTEQ  Corporation, a U.S. provider of digital map information for automotive navigation systems, mobile navigation devices and Internet-based mapping applications, for $8.1 billion.

As was expected, digital navigation device manufacturer, TomTom NV, has made a tender offer for Tele Atlas N.V., NAVTEQ’s largest competitor.  TomTom confirmed the offer price of 21.25 euros ($30.14) per share in cash, but Tele Atlas shares continued to trade well above the offer price after the announcement of the NAVTEQ takeover offer from Nokia. TomTom indicated that the tender period for Tele Atlas shares will begin October 3rd and conclude on December 4th.

The Tele Atlas and TomTom merger is predicted to close in December 2007.

Industry analysts predicted that the Nokia's huge offer for NAVTEQ will impact the value of the digital mapping industry itself, and could even make the TomTom and Tele Atlas merger the subject of yet another takeover.

Last modified on Wednesday, 03 October 2007 13:39

David Stellmack

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