Dutch navigation systems company TomTom launched a formal takeover offer for digital-map supplier Tele Atlas on Tuesday. TomTom confirmed the offer price of 21.25 euros ($30.14) per share in cash, but Tele Atlas shares continued to trade above the offer price after Nokia made an offer for rival map maker Navteq.
Analysts said Nokia's $8.1 billion offer for Navteq could reshape the industry and make the combined company of TomTom and Tele Atlas a takeover target itself. TomTom said the tender period for Tele Atlas shares will begin on October 3 and end on December 4. It plans to declare the offer unconditional if 80 percent of Tele Atlas shares are tendered.
