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Garmin leaves the bidding war ?

Breaking news from Le Monde :
Garmin announced it wouldn't bid higher for TeleAtlas: with this announcement TomTom shares jumped more than 8%  while Tele Atlas shares lost 9% on the Amsterdam exchanges.

memo : We had announced it here, TomTom offered 30€ a share, valuing Tele Atlas at around 2.9 billion euro, easily topping the 24.5€ per share bid made on Oct. 31 by its U.S. rival Garmin which valued the company at 2.3 billion euro. But apparently Garmin leaves the battle, without raising the offer.

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16 November 2007 in The business of GPS |

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