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Updated from 7:38 a.m. EDT
Navigation devices maker Garmin(GRMN Quote) stunned investors Wednesday with an unsolicited 2.3 billion euro ($3.3 billion) bid for Dutch mapping company Tele Atlas, trumping a three-month old offer from rival TomTom.
News of the hostile bid and the prospects of a bidding war sent shares of Garmin sliding $9.73, or 8%, to $110.75 in recent trading and overshadowed the company's strong third-quarter results.
Garmin said it will offer $35.31 for a share of Tele Atlas, 15% higher than the $30.63 TomTom offered in July and a 48% premium to Tele Atlas' share price before TomTom's bid. ...
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