GPS World

Tag: consumer OEM

  • TomTom-Tele Atlas Merger Falls Under Scrutiny

    The European Commission (EC) is taking a closer look at TomTom’s planned acquisition of TeleAtlas; it looks as if it might have a tough European road to hoe.  The EC only initiates a second review in about 3 percent of the mergers it reviews, so it’s a bit of an extraordinary step. The probe will examine whether the deal would push up the price of digital maps for rival portable navigation device makers or limit their access to these maps, the EC said. It set an April 17 deadline for the probe to end.

    TomTom and Tele Atlas said in a joint statement they expect to have a clearer idea about whether the deal can go through by early next year. TomTom extended its offer for Tele Atlas shares until March 31, assuming it would know the outcome of the probe by then.

  • Navteq Schedules Stockholder Vote on Nokia Merger

    Navteq Corp. said Monday that it has scheduled a special meeting of stockholders next month to consider approval of the previously announced merger agreement between the company and Nokia.

    Finnish mobile phone maker Nokia and digital map supplier Navteq first announced on October 1 that they had reached a definitive merger agreement to the tune of $8.1 billion (€5.7 billion). In the meantime, PND rivals Garmin and TomTom became involved in a bidding war over Tele Atlas, a Navteq competitor.

    Navteq stockholders of record at the close of business on November 13, 2007, are entitled to notice of the special meeting and to vote on the adoption of the merger agreement, according to the company. The special meeting will be held on December 12 in Chicago. Proxy statements and the accompanying proxy card were mailed to Navteq stockholders earlier this month, the company said.

    Completion of the merger is subject to the adoption of the merger agreement by Navteq stockholders at the special meeting and the satisfaction of the other closing conditions set forth in the merger agreement. Navteq currently expects to complete the proposed merger in Q1 of next year.