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Home arrow News arrow LBS Technology & Business arrow Tele Atlas Supports and Recommends the Revised Offer From TomTom     




Tele Atlas Supports and Recommends the Revised Offer From TomTom PDF Print E-mail
Written by Tele Atlas   
Thursday, 08 November 2007

‘s-Hertogenbosch, The Netherlands, November 8, 2007 – TELE ATLAS NV (FSE: TA6, EUNV: TA), a leading global provider of digital maps and dynamic content for navigation and location based solutions, announced yesterday the receipt of a letter from TomTom dated November 7, 2007, announcing a revised offer for all outstanding shares in Tele Atlas of € 30 in cash per share (the “Revised Offer”).



The Management Board and the Supervisory Board of Tele Atlas have carefully considered the terms and conditions of the Revised Offer, taken as a whole, including all legal, financial and regulatory aspects of the Revised Offer, and have concluded that the Revised Offer is more favourable to Tele Atlas, its shareholders and other stakeholders, than the Garmin proposal dated October 31, 2007 (the “Garmin Proposal”). Accordingly, the Management Board and the Supervisory Board have decided to support and recommend the Revised Offer for acceptance to the shareholders of Tele Atlas.

As TomTom’s Revised Offer was made within the 5 business day period during which TomTom had the right to match the Garmin Proposal, the Merger Protocol dated July 23, 2007 entered into between TomTom and Tele Atlas will remain in full force and effect and its terms and conditions, other than the consideration offered by TomTom, which is now € 30 per share, will remain unchanged.

This is an announcement pursuant to section 9b(1) of the Dutch Securities Markets Decree (Besluit Toezicht Effectenverkeer 1995)

This announcement does not constitute an offer to purchase any securities, nor a solicitation of any offer, proxy, consent or authorization to buy or subscribe for any securities of Tele Atlas or any other securities, nor shall it (or any part of it) form the basis of, or be relied upon in connection with, any contract therefore. In the event that an offer is made, details of the offer will be set out in an offer memorandum, which will contain the full terms and conditions of the offer including how the offer can be accepted, and which will be made available to all holders of securities of Tele Atlas free of charge.

This announcement is a press release and not a prospectus and holders of ordinary shares in Tele Atlas should not make any decisions except on the basis of the information contained inanoffer memorandum.

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