Garmin is launching a counter offer on TeleAtlas. They raise the offer to 24.50 € per share in cash, that is 15% higher than TomTom's initial offer. This values TeleAtlas € 2,3 bn.
TomTom announced on 24 July that it has agreed to acquire Tele Atlas for $2.77 billion (see here). But the deal between TeleAtlas and TomTom was not closed and today, on 31 Octobre, Garmin decides to enter in the dance with an unsolicited $3.3 billion offer.
We think it is likely going to launch a battle between the two GPS manufacturers, both having some flexibility to increase their offer by 5 to 10€.
See Reuters for updates, and we will discuss about it.