LONDON — The battle for digital map maker TeleAtlas NV has taken another twist as the Dutch group has recommended acceptance of an improved bid from navigation device maker TomTom that values TeleAtlas at $4.3 billion.
The latest offer ups U.S. group Garmin's $3.3 billion offer, as the two leading GPS device makers battle over the only remaining independent GPS map maker.
TomTom originally offered $2.5 billion for the digital maps specialist.
The moves follow the recent offer by Finnish mobile phone giant Nokia to buy for $8.1 billion Tele Atlas' only major competitor, Navteq.
Tele Atlas' management board said : "The revised [TomTom] offer is more favorable to Tele Atlas, its shareholders and other stakeholders than the Garmin proposal dated Oct. 31, 2007."
Some industry analysts expect Garmin to make another counter offer.
11%
13%
41%
12%
22%
