> Industrial News > News   Garmin Announces Intention to Buy Tele Atlas   In a press release today Tele Atlas acknowledged it received an offer from Garmin for €24.50 per share in cash，implying an equity value for the Company of €2.3 billion. The intended Offer will be subject to customary conditions, such as receipt of the requisite antitrust approvals and tender of at least 66.67% of the issued share capital. In addition to its cash balance in excess of $1 billion, Garmin has secured financing commitments sufficient for the intended Offer. Garmin plans to launch the offer before December 4, 2007 (the scheduled expiry date of TomTom's offer). TomTom today announced it intends to make a new cash offer of €30.00 per ordinary share for all ordinary shares of Tele Atlas. It represents a 41% increase above its previous offer and it is 27% higher than what Garmin offered last week. The aggregate value of the proposed transaction is approximately €2.9 billion. Comment: The increasingly severe competition in the navigation industry makes digital navigation map providers extremely popular in the market. Both TomTom and Garmin have been in a dilemma as often mentioned in the MBA courses of business schools. The only outlet for them is just to sit down and have a talk to cooperate, which would be more enjoyable for Tele Atlas. Suppose TomTom, Garmin, and Mio jointly hold in Tele Atlas, consequently 80% of global PND market will be captured.   Time:2007-11-15 Source:NaviForum Shanghai News Center Relative