Tele Atlas has given TomTom five days to do so. If the bid is not met, Tele Atlas will terminate the agreement with TomTom (Reuters).
An ING analyst said TomTom could got as high as E30 per share (Garmin is offering E24.5).Garmin, the analyst suggests, really wants to own Tele Atlas. A second analyst says TomTom will up the bid.
Also Thursday, Tele Atlas announced it had acquired South African data company Georigin, which specializes in data for southern and east Africa. Further, Tele Atlas will expand its Asia-Pacific operations by setting up a joint venture with MappointAsia Thailand and send out a new mapping van in Singapore, its second vehicle in the Asia-Pacific region.
Another tidbit: Garmin owns 5.02 percent of Tele Atlas. (Reuters)
You can watch Garmin CFO Kevin Rauckman on CNBC.
Says Garmin Chief Executive Officer Min Kao regarding the change in the marketplace(CNN):
Historically Garmin believed that an independent, competitive map duopoly served our industry well. However, in the absence of this independent and competitive map duopoly, Garmin must exercise its obligation to provide market leadership.