Garmin Ltd., the world’s largest maker of personal navigation devices, unveiled an unsolicited 2.3 billion euros ($3.3 billion) takeover offer for Dutch digital mapmaker Tele Atlas NV on Wednesday, topping an offer by rival TomTom NV by 15 percent.
Tele Atlas, which had endorsed the TomTom bid, said it was now reviewing its options. A TomTom spokesman declined to comment while the company studies the 24.50 euros ($35.31) per share Garmin bid.
TomTom shares plunged 12 percent to 59.90 euros ($86.33), while Tele Atlas shares rose 14 percent to 27.30 euros ($39.34) _ signaling that some investors are speculating the bidding will go higher still. Read more
