TomTom has upped its bid for digital map maker Tele Atlas in response to Garmin’s bid last week. The new bid by TomTom values Tele Atlas at 2.9 billion euro ($3.57 billion), a shade over Garmin’s offer which valued the company at $3.3 billion, and 41 percent higher than its earlier bid in July reports WSJ. A spokesperson for Garmin said it was reviewing its options, but investors are betting Garmin will come back with a counter-offer and the share prices rose 7 percent above TomTom’s bid. With Nokia buying Navteq Garmin faces the two main digital mapping companies being owned by its competitors — although they’d still have to make the maps available to anyone who wanted to buy them. At the moment TomTom has a 28.3 percent stake in Tele Atlas, while Garmin has a 5 percent stake.
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