TomTom Tops Garmin's Bid for Tele Atlas
Stock quotes in this article:
GRMN
Should Garmin prevail in the bidding war, it may have to contend with a company in which TomTom has a significant shareholder stake. TomTom is also Tele Atlas' biggest customer and contributes 30% to the company's revenue.
Analysts say Garmin, if it wants to, can outbid TomTom because it is a larger company with a better cash flow. TomTom could stretch up to a 40 euro bid ($58.66 a share) but could go no further, estimates Yair Reiner, an analyst with CIBC World Markets, which makes a market in Garmin shares.- Loading Comments...
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