TomTom takeover

On July 23, 2007, a €2 billion offer for the company by navigation system maker TomTom was accepted by the Tele Atlas board.[13] This was then trumped by a €2.3 billion offer from United States-based rival Garmin on October 31, 2007 initiating a bidding war for Tele Atlas.[14] TomTom responded by upping their bid to €2.9 billion, an offer which was again approved by the board of Tele Atlas.[15] Garmin had been expected to counterbid once again: with Tele Atlas' main global rival Navteq subject to a takeover bid from Nokia, the company had stated that it did not wish both companies to fall into the hands of rivals.[15] However, after striking a content agreement with Navteq through the year 2015, Garmin withdrew its takeover offer, clearing the way for TomTom.[16] On December 4, 2007, TomTom shareholders approved the takeover.[17] The European Commissioner for Competition cleared the takeover in May 2008,[18] and it closed in June.