Tele Atlas waits for higher bid from TomTomDigital mapping services provider Tele Atlas has indicated it will support a higher takeover bid from portable navigation device maker Garmin, if TomTom does not raise its earlier offer. Garmin has said it intends to make an offer of EUR 24.50 per share for the Dutch company, beating TomTom’s agreed offer of EUR 21.25 per share. Under the TomTom agreement, if Tele Atlas receives a superior proposal, TomTom has a right to match that within five business days. If TomTom chooses not to match the higher bid, then Tele Atlas intends to terminate the TomTom agreement and recommend shareholders accept the Garmin bid.
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