TomTom Plans Bid for Tele Atlas - 24/07/2007
TomTom NV intends to make a cash offer of €21.25 per ordinary share for Tele Atlas NV. The Offer Price represents a 32% premium over Tele Atlas' average closing share price for the three months prior to 20 July 2007.
The Supervisory Board and Management Board of Tele Atlas support the offer and will, when the offer is made by TomTom, recommend it to the Tele Atlas' shareholders.
TomTom N.V. and Tele Atlas N.V. (Both The Netherlands), jointly announced that the expectation is justified that an agreement can be reached in connection with a public offer by TomTom for all outstanding shares of Tele Atlas at an offer price of €21.25 in cash, per ordinary share.
After the merger Tele Atlas will continue its business as a separate unit in the combined group specialising in developing and licensing digital map products for and to current and future customers, both in and outside the group.
The combination will significantly improve user experience and create other benefits for the customers and partners of both companies, including:
- More accurate navigation information - TomTom has developed technologies that enable TomTom's installed user base of over 10 million GPS devices to effectively operate as map surveyors in an automatic and simple way. The integration of this feedback into the map production process will greatly improve the quality and timeliness of Tele Atlas map data;
- Improved coverage - The combination significantly improves all aspects of digital map maintenance, enrichment and creation enabling the companies to expand coverage faster
- New and enhanced features - The companies will be able to offer new features such as daily map updates and intelligent routing.Last updated: 19/01/2020