Tele Atlas NV, a leading global provider of digital maps and dynamic content for navigation and location based solutions, announced 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.