TomTom N.V. and Tele Atlas N.V., jointly announce that the expectation is justified that an agreement can be reached in connection with a public offer by TomTom for all outstanding shares of Tele Atlas at an offer price of € 21.25 in cash, (the “Offer Price”) per ordinary share (the “Offer”).
The Supervisory Board and the Management Board of Tele Atlas (the “Boards”), after having duly considered the strategic, financial and social aspects of the proposed transaction, support the intended Offer and conclude that the Offer is in the best interests of the shareholders and all other stakeholders of Tele Atlas. The Boards of Tele Atlas will, when the Offer is made by TomTom, recommend acceptance of the Offer by the shareholders of Tele Atlas.
After the merger Tele Atlas will continue its business as a separate unit in the combined group specialising in developing and licensing digital map products for and to current and future customers, both in and outside the group. Superior content, created cost efficiently will enable Tele Atlas to expand its presence in the rapidly growing worldwide market for digital maps and other geo referenced content.
The combination will significantly improve user experience and create other benefits for the customers and partners of both companies, including:
– More accurate navigation information – TomTom has developed technologies that enable TomTom’s installed user base of over 10 million GPS devices to effectively operate as map surveyors in an automatic and simple way. The integration of this feedback into the map production process will greatly improve the quality and timeliness of Tele Atlas map data;
– Improved coverage – The combination significantly improves all aspects of digital map maintenance, enrichment and creation enabling the companies to expand coverage faster; and
– New and enhanced features – The companies will be able to offer new features such as daily map updates and intelligent routing.