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Tele Atlas recommends TomTom offer

Tele Atlas has recommended TomTom’s offer to its shareholders.

The digital mapping company has followed TomTom’s lead and cancelled an extraordinary general meeting of its shareholders, which was due to be held on Wednesday 14 November.

The Dutch digital mapping company had originally called the meeting to discuss TomTom’s take-over offer of US$31.17 (Euro 21.25) per share. But on Wednesday TomTom boosted this to US$44 (Euro 30) to outbid rival digital navigation company Garmin (see: TomTom raises bid for Tele Atlas).

November 9, 2007

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