Garmin has 5% Stake in TeleAtlas; TomTom has 28%

Word has it that Garmin has launched a hostile bid on TeleAtlas and has taken some distinct action steps in moving towards its takeover of TeleAtlas by taking a pretty decent stake in the company. The Dutch equivalent of the SEC has shown filings that describe a greater than 5% stake in TeleAtlas by Garmin. They only need to disclose in increments of 5% thereafter, so who knows what they might have amassed by today, but it’s probably somewhere south of 10%.

While that may be good for Garmin, it appears that TomTom beat a pathway to TeleAtlas first and has 28% already, making it the single largest holder of TeleAtlas stock. As such, this might allows TomTom to thwart any move to get a majority for Garmin.

Readmore on the bidding war at Money Morning.

Thanks to Jim for sending this in.

Read More in: Garmin GPS News | Mapping News

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