TomTom reacts to Nokia -- formalizes offer for Tele Atlas
Just one day after Nokia offered $8 billion for NAVTEQ, TomTom is in the news with a formal offer for Tele Atlas. Of course, TomTom had already announced their intent to offer €21.25 per share (about $2.56 billion) for the map maker back in July -- the same amount tendered today. Back then the offer represented a sweet 32% premium over the average Tele Atlas share price. However, Tele Atlas is now trading above the offer price thanks to speculation caused by the Nokia deal. We say hold out for more Tele Atlas. Just hint at discussions with Nokia or Garmin and we're pretty sure TomTom will up the ante.
[Thanks, SmartDust]
