Monday, June 15. 2009

TomTom Addresses Debt with Stock Sale

The four founders will buy shares and some others will be sold via a private placement. That should drop the company debt to €700 million. The company stock price has dropped 66% in the last 12 months, with many concerns related to the debt. With the recent announcement of a nav app for the iPhone, the stock price is up. There's been speculation Apple may invest in TomTom. Forbes' discussions with analysts and insiders suggests that's unlikely.

- Financial Times

ForexYard offers an analysis of the map acquisitions in recent years. Key quoyr regarding TomTom/Tele Atlas: "'In the future this will feature in textbooks as a perfect example of how stupid management sometimes can be,' said Corne van Zeijl from SNS Asset Management, who now owns TomTom shares but did not at the time of the acquisition."

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