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TomTom Fires Back at Garmin, Offers 2.9 billion euro for Tele Atlas

November 7, 2007 in Wireless Industry News

st episode of the battle for Tele Atlas, GPS maker TomTom made a counterbid of 2.9 billion euro, easily trumping Garmin’s 2.3 billion offer last week.

Since Garmin made its initial bid for Tele Atlas, shares of the company’s stock have fallen more than 20%. Not that TomTom’s faring much better: its shares are currently down 19 percent.

The only winner is, of course, Tele Atlas, who saw company shares rise 19 percent after announcing TomTom’s offer earlier today.

Navigation Device Co. TomTom Raises Bid – Forbes

TomTom, one of two losers in the fight against Garmin. (the other one is Garmin)

TomTom, one of the losers in the fight against Garmin. (the other one is Garmin)

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