Garmin Submits Bid to Steal Tele Atlas From TomTom
TomTom may have pulled a major coup when it agreed to buy map maker Tele Atlas for $2.5 billion in July, but rival Garmin is making things a bit more difficult- the Kansas City-headquartered GPS provider has made an unsolicited bid to take over TeleAtlas, for $3.3 billion, the AP reported.
Tele Atlas, which has partnered with both companies in the past, said that it is now considering its options. The Dutch firm, founded in 1984, had cooperated with the TomTom bid. In a similar deal, Nokia agreed to buy a Tele Atlas competitor, Navteq Corp., for $8.1 billion.