It's official: Garmin announce a counter bid for Tele Atlas.
Date: Wednesday, October 31 @ 15:59:04 UTC
Today Garmin announced a counter bid for the mapping company Tele Atlas. The offer to buy a minimum 66.67% of the shares of the company at 24.50 Euros this values Tele Atlas at 2.3 Billion Euros.
This is an interesting move as Garmin is a Navteq map client. Does this indicate a possible move away from Navteq? Will Tom Tom stay with Tele Atlas, or move to Navteq if the bid is successful?
Is this the start of a bidding war for the two mapping companies? There have been rumors in the industry about Microsoft buying both TomTom and Tele Atlas. Nokia has made an offer for Navteq, will we see a counter bid there as well? Is this really a good move for the industry? Time will tell, but it will certainly make the run up to the festive season very interesting.
Looking at the stock markets the share price for Tele Atlas once again took a big jump today with trading at over 28 Euros, well over the Garmin offer price.
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