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Garmin Drops TeleAtlas Bid

11/16/2007 08:31:00 AM Eastern

Olathe, Kan. — Garmin abandoned its bid to purchase TeleAtlas for $3.3 billion, leaving TomTom the leading bidder for the only remaining independent GPS map maker.

In addition, Garmin announced it reached a new long-term agreement with Tele Atlas rival Navteq to provide Garmin maps through 2015 with an option to continue through 2019.

A spokesman for Garmin said, “With the new long term agreement with Navteq, we decided not to pursue the offer.”