TomTom bids about €2.9 billion for Tele Atlas

TomTom turns up the heat in the battle for digital mapmake Tele Atlas by raising its proposed takeover offer to trump a competing offer from  Garmin !

TomTom said it will offer 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.

We expect now Garmin to come back with an even higher offer and Tomtom to reach 35€.

So it's getting really hot : Let's wait for Garmin's answer !!