Garmin has fired the first salvo in a possible bidding war as it announced an indicative 24.5 euro per share cash offer for all of Tele Atlas’s outstanding shares, outgunning an earlier offer from its Dutch rival TomTom. Garmin said its offer implies an 2.3 billion euro equity value of Tele Atlas, topping the existing 21.25 euro per share bid by TomTom, which valued the company at 2 billion euro. Tele Atlas said in July when TomTom announced its bid that it would recommend the offer to shareholders, but is now reviewing the terms of Garmin’s offer.

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Posted: 10|31|07 at 5:12 pm. Filed under: eCommerce.