TomTom,
the world's second largest maker of personal navigation devices, has raised its
acquisition
offer for
Tele
Atlas to €30 per share, or €2.7bn.
Tele Atlas sells digital mapping information to companies including TomTom,
Garmin,
Google and
Microsoft.
Garmin and TomTom are determined to take over Tele Atlas because they view
ownership of digital maps as a crucial aspect of their business.
The new offer marks a 22 per cent premium over last week's
€24.50 per
share offer from Garmin valued at €2.3bn. Garmin is the world's largest
personal navigation device maker.
TomTom first announced it intention to buy Tele Atlas in July with an offer
of €1.8bn.
In addition to raising its offer, TomTom also said that it would acquire 28.3
per cent of Tele Atlas stock at €30 per share. The transaction included a 17.4
per cent stake that has already been committed to a TomTom acquisition.
Garmin did not immediately respond to a request for comment.
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TomTom/Tele Atlas identified as take-over target 17 Oct 2007
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