Garmin Sweetens offer for Tele Atlas – Trumps TomTom by 15%

Well, there’s been loads of speculation over the past couple of months but it’s official, looks like Garmin is trumping TomTom in a bid for Tele Atlas. Obviously the recent Nokia Navteq deal (to the tune of $8+ billion)  served as fodder to sweeten the pot and as a result Garmin is coming up with cash… lots of cash! Garmin is outbidding Tomtom by 15%. The bid of 25.5 Euro per share value Tele Atlas in this offer at about 1.8 billion Euros!

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