Garmin makes higher bid for Tele Atlas (Netherlands)Portable navigation device maker Garmin has come out with a rival bid for digital mapping group Tele Atlas. Garmin is offering EUR 24.50 per share for the Dutch company, beating an existing agreed offer from rival TomTom worth EUR 21.25 per share. Garmin said it expects to launch its offer before the TomTom bid expires in early December and that it has already secured financing. The offer values Tele Atlas at EUR 2.3 billion. Tele Atlas confirmed it had received the bid from Garmin and was still studying the proposal. Garmin said it is committed to maintaining Tele Atlas management and operations in the Netherlands and would continue to run the company as an independent entity.
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