November 16, 2007 / 12:52 PM / 12 years ago

Tele Atlas shares drop as Garmin abandons bid

AMSTERDAM, Nov 16 (Reuters) - Shares in digital map maker Tele Atlas TA.AS dropped about 9 percent on Friday after navigation device maker Garmin (GRMN.O) abandoned its attempt to buy the company.

The move clears the way for Garmin’s rival TomTom (TOM2.AS) to acquire Tele Atlas.

Tele Atlas shares fell to 29.20 euros, below TomTom’s 30 euro per share offer that values Tele Atlas at about 2.9 billion euros ($4.2 billion). TomTom (TOM2.AS) shares rose 6.3 percent to 60.31 euros by 1247 GMT. (Reporting by Niclas Mika)

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