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TomTom Starts Acceptance Period For Tele Atlas Shares

11/19/2007 09:58:00 AM Eastern

Amsterdam, The Netherlands — TomTom and Tele Atlas announced that TomTom has started the acceptance period for the cash offer of all outstanding shares in Tele Atlas.

The companies said 80 percent of Tele Atlas shares must be tendered for the offer to be unconditional.

Tele Atlas said it will convene a special shareholders meeting on Dec. 7 to discuss TomTom’s latest offer of $4.3 billion, but the board has already recommended shareholders accept the bid.

Garmin abandoned its plans to purchase Tele Atlas for $3.3 billion last week, leaving TomTom the leading bidder for the only remaining independent GPS map maker.

For its part, Garmin reached a long-term agreement with Tele Atlas rival map maker Navteq. The deal is significant in that is was reached before Garmin competitor Nokia concludes its plans to buy Navteq for $8.1 billion, said industry members. Under the deal Navteq will continue to provide Garmin maps through 2015, with an option to continue through 2019.