TomTom's Attempt To Buy Tele Atlas Gets Even More Complex
from the thanks-EU,-you've-made-Garmin-happy dept
You may recall just how well GPS-device maker Garmin played the acquisition game last last year, forcing its main rival, TomTom to spend much, much more than originally intended in a deal for map maker Tele Atlas. Every step that Garmin took seemed to work to its advantage, first raising the bid for Tele Atlas, forcing TomTom to nearly double its bid, then buying up some Tele Atlas shares on the open market so that it's actually making a profit when it sells those shares to TomTom, and finally signing a long term deal with Tele Atlas competitor Navteq (which Nokia is acquiring). Following all this, Garmin must be giddy to find out that the EU has objections to the TomTom purchase which will force the company to make concessions. These objections won't scuttle the deal completely, but will (of course) make it somewhat less than what TomTom hoped it would be. Garmin must be thrilled.
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The EU has objections to a Tele Atlas and TomTom Purchase?
With both companies out of the Netherlands, only one phrase comes to mind.
Elmer Fudd: "I smell a waskly wabbit."
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