Updated from 9:45.
and Dutch rival
say they have settled a patent dispute.
The navigation device duo did not disclose any terms of the settlement. Last year, Garmin accused upstart TomTom of intellectual property violations in a lawsuit and TomTom counter sued.
The two companies are currently in a bidding war for map data provider
. Last week, TomTom increased its all-cash bid to $43.99 a share for Tele Atlas, a 41% jump from its original offer, and 27% more than Garmin's bid of $35.92.
A Garmin representative says the company is still reviewing the possibility of increasing its offer for Tele Atlas.
The move comes just a month after mobile phone giant
said it was acquiring digital mapping shop
for $8.1 billion.
Navigation services are seen as a new big sales opportunity for wireless telcos and phone makers. At its analysts day conference in New York Wednesday,
said it had looked at a possible bid for a mapping firm, but decided the price was too high.
Garmin shares fell $2.06 to $83.54 in midafternoon trading Thursday.