Eric de Graaff, an analyst at Petercam, said in a note on Wednesday that the likelihood that TomTom will now be able to acquire Tele Atlas for EUR21.25 a share "has diminished".
He also said that he doesn't expect a higher offer from a rival bidder, but believes it unlikely that the majority of Tele Atlas shareholders will be happy to sell at TomTom's current offer price. TomTom will have to "increase its offer price, accept less than 80% of the shares or abandon the bid completely", he said. "In all cases, it would be negative for TomTom."
Other analysts cited say a higher price is likely, too. TomTom and Tele Atlas declined comment.
-
MarketWatch
