TomTom bids for Tele Atlas

25th July 2007, Comments 0 comments

23 July 2007, AMSTERDAM (AP) - TomTom NV, Europe’s largest maker of navigation systems for cars, said Monday it will bid EUR 1.9 billion for Tele Atlas NV, the digital mapping company.

23 July 2007

AMSTERDAM (AP) - TomTom NV, Europe’s largest maker of navigation systems for cars, said Monday it will bid EUR 1.9 billion for Tele Atlas NV, the digital mapping company.

TomTom said it would offer EUR 21.25 per share for Den Bosch, Netherlands-Based Tele Atlas, a 28 percent premium to the company’s closing price of  EUR 16.55 on Friday.

Tele Atlas shares leapt 27 percent to EUR 21.01 (US$29.00) on the news.

Separately, Amsterdam-based TomTom reported first-quarter net profit of EUR 68 million, up 81 percent from EUR 38 million, as sales rose 37 percent to EUR 380 million from EUR 277 million.

The company credited strong demand for personal navigation devices and strong demand for its products.

TomTom estimated its market share in Europe is just under 50 percent, and around 20 percent in the United States.

[Copyright AP 2007]

Subject: Dutch news

 

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