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Posted: Fri Nov 16, 2007 4:53 pm Post subject: Phew, that was close! Garmin back with Navteq
November 16, 2007
Garmin® Ltd. Extends Agreement with NAVTEQ®
Garmin Ltd. does not intend to pursue its offer for Tele Atlas
Cayman Islands/DATE/PR Newswire — Garmin Ltd. (Nasdaq: GRMN) announced today that its subsidiaries, Garmin International Inc and Garmin Corporation, have signed a six-year extension to their agreement with NAVTEQ, a leading provider of digital map data for location based solutions and vehicle navigation. The agreement allows Garmin to continue using NAVTEQ data through 2015, with an option to renew for an additional four-year period. In addition, the parties have agreed to pursue expanded points of cooperation that will result in improved mapping quality and coverage worldwide, and will drive further device innovation into the future. The parties did not disclose specific details of the agreement.
"Garmin has partnered with NAVTEQ for many years. We utilize their map data in the majority of our products and we have always appreciated their commitment to the market," said Garmin CEO Dr. Min Kao. "Extending our agreement with NAVTEQ ensures the availability of quality mapping data for our customers, and provides a basis for enhanced cooperation which is a win-win for both Garmin and NAVTEQ. We believe the outcome creates the best value for Garmin, our customers, and stakeholders."
In addition and with reference to the press release dated October 31, 2007, Garmin also announced today that in light of these developments it does not intend to pursue its offer for Tele Atlas N.V.
Joined: Aug 22, 2006 Posts: 23 Location: mid-Wales
Posted: Tue Nov 20, 2007 11:47 pm Post subject:
Well, I would doubt they'd be allowed to - their offer must stand, surely... Anyway, looks like it's still not absolutely final that Tomtom have Teleatlas, as the purchase apparently still 'requires regulatory approval'. Should all be clear by the end of the year though.
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