Garmin Goes After Tele-Atlas
A few posts ago RavenII wondered "Does Location Matter? refering to Nokia's plans on NAVTEQ, Looks like It seems to be. GPS giants are running around and buying competitors or technology providers. In the latest move, Garmin will offer to buy the digital maps company Tele Atlas for €2.3 billion (US$3.3 billion) in a move to outbid rival TomTom International, a big maker of in-car navigation systems.
Garmin said Wednesday it had notified the Tele Atlas board that it will make an offer of €24.50 per share in cash for all its outstanding shares. It plans to make the offer by Dec. 24, the date TomTom's offer is set to expire. TomTom offered to buy Tele Atlas in July for about €2 billion. Garmin said its offer was 15 percent higher than TomTom's, and is a premium of 48 percent over Tele Atlas' share price just before TomTom made its offer.
If you are the type that listen to executives, Garmin executives will discuss this transaction today at 10.00 CST/11.00 EST/15.00 GMT/16.00 CET during its third quarter earnings call. For more information, visit http://www8.Garmin.com/aboutGarmin/invRelations/irCalendar.html.
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