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TomTom Tops Garmin's Bid for Tele Atlas
Navigation devices maker TomTom raised the ante considerably Wednesday when it offered $4.2 billion for digital mapping firm Tele Atlas.
The cash offer of $43.99 (30 euros) for a share of Tele Atlas represents a 41% increase above its previous offer. And it is 27% higher than rival Garmin's(GRMN Quote) bid of $35.92 (24.50 euros).
TomTom also unveiled plans to purchase a 28% stake in Tele Atlas from the company's shareholders. ...
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