Garmin Ltd. Intends to Make a Cash Offer for Tele Atlas N.V.
PR Newswire Europe, October, 2007
CAYMAN ISLANDS, October 31 /PRNewswire/ --
Garmin Ltd. (Nasdaq: GRMN) announced today that it notified the supervisory and managing boards (collectively the "Boards") of Tele Atlas N.V. ("Tele Atlas" or "the Company") today of its intention to make a public offer for all the outstanding shares of Tele Atlas N.V. on a fully diluted basis at an indicative offer price of euro 24.50 in cash per share (the "Offer"), implying an equity value for the Company of euro 2.3 billion. The intended Offer will be subject to customary conditions, such as receipt of the requisite antitrust approvals and tender of at least 66.67% of the issued share capital. In addition to its cash balance in excess of US$1 billion, Garmin has secured financing commitments sufficient for the...
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