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Oct
31
Garmin outbids TomTom for TeleAtlas
Filed Under Uncategorized
Garmin today announced that their intention to make an offer to acquire all the outstanding shares in TeleAtlas. Garmin have offered $3.3 billion for these shares and make this move after Tomtom who make an offer on TeleAtlas for $2.7 Billion earlier this month.
Early this morning we announced our intention to make an offer to acquire all the outstanding shares in Tele Atlas N.V. Garmin has established itself as a leader in navigation technology by consistently delivering award-winning, reliable, easy to use products with rich content and competitive features at attractive prices. This acquisition is consistent with our vision as a leader in our market and our vertical integration strategy. Advanced mapping data is an essential ingredient for the continued growth of the navigation industry and this acquisition provides a means for Garmin to contribute more broadly to the development and growth of this market. We will discuss this important announcement more fully on our earnings call this morning.”
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