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Garmin Makes Counter-Offer for Tele-Atlas
Garmin intends to make a public offer for all the outstanding shares of Tele Atlas N.V. on a fully diluted basis at an indicative offer price of 24.50 in cash per share, implying an equity value for the Company of 2.3 billion. The intended Offer will be subject to tender of at least 66.67% of the issued share capital. In addition to its cash balance in excess of $1 billion, Garmin has secured financing commitments sufficient for the intended Offer.
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