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Garmin withdraws $3.3 billion offer for Tele Atlas, sticks with NAVTEQ

Darren Murph
November 16, 2007
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The title pretty much says it all on this one, folks. We suppose the thought of countering TomTom's recently raised $4.22 billion offer for mapmaker Tele Atlas weighed too heavy on Garmin's soul (or just seemed too expensive), but whatever the case, its $3.3 billion offer has officially been rescinded. Also of note, the AP claims that the outfit has struck a deal with NAVTEQ (or is that Nokia?), which guarantees it access to those maps through 2015. Currently, there's been no word on whether TomTom will move forward with its apparent plans to snap up Tele Atlas, but it's safe to say the biggest obstacle has been (voluntarily) removed.

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