TomTom raises offer for Tele Atlas: take that Garmin

Man, we were only half kidding when we suggested that Tele Atlas hold out for more money. But sure enough, they're now looking at a sweet €30.00 per share offer as followup to TomTom's original €21.25 offer which took just a tad too long to formalize. That's a bump from $2.56 billion to $4.22 billion. So Garmin... you ready to bump your $3.3 billion bid or shall we just consider this matter closed?

[Javaflash @ Nov 7th 2007 7:49AM]

It was extremely stupid for Garmin to bid in the first place. They will get badly hurt whether they raise the bid (balance sheet in the toilet) or pass(credible possibility of service interruption - no one will play nice on $1.66 billion sabotage). TomTom ain't dumb. They'll make sure that extra tab yields some serious market share. If you're an investor of Garmin, get packing. Navteq/Nokia will be the accidental winner.

[Homer J @ Nov 7th 2007 9:17AM]

If I understand the market well, there are two suppliers of mapping data. Nokia has one, and the other is up for grabs now, with a bidding war going on. If I were Garmin, I would be pretty nervous about relying on a competitor to continue supplying the data required to drive a significant portion of my devices. In fact, given Garmin's acquisitions over the years, I am surprised they waited this long to attempt to acquire a technology so core to their business.

On the other hand, Garmin might have something up their sleeve, and it just bidding to boost the price, and make Tom Tom pay an additional premium.

[Jon @ Nov 7th 2007 8:25AM]

Engadget please hire some good photoshop artists.

[Rowdehaj @ Nov 7th 2007 9:05AM]

The cheapness is what does it for me usually :P

[Ralph @ Nov 7th 2007 11:40AM]

I thought the graphic was an advert for some new anime porn film.