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Dutch TomTom launches formal offer for Tele Atlas
AMSTERDAM (Reuters) - Dutch navigation systems company TomTom (TOM2.AS) launched a formal takeover offer for digital map supplier Tele Atlas TA.AS on Tuesday.
TomTom confirmed the offer price of 21.25 euros per share in cash, but Tele Atlas shares continued to trade above the offer price after Nokia (NOK1V.HE) made an offer for rival map maker Navteq NVT.N.
Analysts said that Nokia's $8.1 billion offer for Navteq could reshape the industry and make the combined company of TomTom and Tele Atlas a takeover target itself.
Tele Atlas shares traded at 21.70 euros by 0715 GMT (3:15 a.m. EDT), down 0.5 percent from the previous day but still 2 percent above TomTom's offer price. TomTom shares were up 0.8 percent at 57.23 euros.
TomTom said the tender period for Tele Atlas shares will begin on October 3 and end on December 4. It plans to declare the offer unconditional if 80 percent of Tele Atlas shares are tendered.
