The battle for control of Dutch digital map company Tele Atlas is hotting up. The maker of navigation devices for vehicles, TomTom - which is also based in the Netherlands - has raised its offer by a hefty 41% to 30 euros per share. It said that institutional investors holding 28.3% of the stock have already agreed to sell at that price.
Last week US firm Garmin offered 24.5 euros for each Tele Atlas share last week. Tele Atlas responded that it will review TomTom's revised offer, which values it at about 2.9 billion euros. The company's shares rose above TomTom's new bid price, indicating that investors expect Garmin to up their offer, though analysts said if they do, they are in danger of overpaying. This is the latest consolidation in the fast growing industry.
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