Tele Atlas gives 5 days to TomTom to match Garmin’s proposal



Tele Atlas gives 5 days to TomTom to match Garmin’s proposal
Tele Atlas gives 5 days to TomTom to match Garmin’s proposal
In a press release today Tele Atlas acknowledged it received an offer from Garmin for €24.50 per share in cash.

“The Management Board and Supervisory Board of Tele Atlas have concluded that the Garmin Proposal qualifies as a superior proposal, as defined in the TomTom Agreement, and have notified TomTom that the Boards intend to support and recommend Garmin’s Proposal, unless TomTom matches the Garmin Proposal within the five business day period expiring close of business in the Netherlands on November 8, 2007”, said the Tele Atlas press release.

Thursday, November 1st 2007

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