TomTom Raises Tele Atlas Bid in Battle with Garmin

Dutch navigation device maker TomTom raised its bid for digital map maker Tele Atlas to 30 euros per share, above the 24.50 euros offered by rival Garmin, and said it would buy a
28 percent stake in Tele Atlas.

TomTom said the purchases of Tele Atlas shares from certain shareholders would be made immediately.

The offer values Tele Atlas fully diluted outstanding share capital at about 2.9 billion euros ($4.2 billion), TomTom said.

Tele Atlas agreed to be bought out by TomTom in July for 1.8 billion euros, but on Oct. 31, U.S. navigation device maker Garmin countered with a 2.1 billion euro offer, setting the stage for a bidding war for the maker of digital maps, which navigation device makers use in their products.