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Garmin to lodge Tele Atlas regulatory filings this week, launch offer soon after


Published : Wed, 31 Oct 2007 09:52
By : Agencies
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AMSTERDAM (Thomson Financial) - Garmin Ltd said it expects to lodge regulatory filings with Dutch authorities later this week for its intended takeover offer for Tele Atlas NV and plans to launch the public tender period shortly after.

Garmin vice president, communications, Jon Cassat, said the 2.3 bln eur offer for Tele Atlas does not require the approval of Garmin shareholders at a shareholder vote.

Speaking in a conference call after Garmin announced a 24.5 eur-per-share cash offer for Tele Atlas, Cassat said the company is confident of meeting with Tele Atlas executives 'within a matter of days', but that no date has been confirmed.

Cassat added that Garmin intends to meet with Tele Atlas within the next seven days at maximum.

Garmin has not been in contact with other Tele Atlas shareholders about its offer.

If its bid succeeds, Garmin has promised to provide Tele Atlas' pear map data to all Tele Atlas clients 'without discrimination'.

Garmin rival TomTom NV had promised the same when it announced its 21.25 eur cash recommended offer for Tele Atlas in July.

TomTom has so far been unavailable for comment, while Garmin has declined to speculate on a possible bidding war with TomTom.

Aaron Gray-Block; aaron.gray-block@thomson.com

agb/slj

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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