TomTom receives unconditional clearance from EC to acquire Tele Atlas
The combination will create new technologies for interactive map creation, enrichment and maintenance. TomTom Map Share™ enables TomTom’s installed base of nearly 20 million to contribute to digital map creation and maintenance. TomTom IQ Routes™ adds to the map routing information based on the actual speeds driven on roads, which may differ for the time of the day, day of the week, or season in the year. TomTom HD Traffic™ real time information can be overlaid on map data to further enhance the quality of routing and traffic information.
Additional incremental data from TomTom will allow Tele Atlas to introduce new features such as more frequent map updates. Superior, cost efficiently created content will enable Tele Atlas to further strengthen its market position in the rapidly growing worldwide market for digital maps and to grow its addressable market by investing cost synergies in increasing global coverage.
The end result - better maps produced more efficiently and updated more frequently – will benefit all current and future customers of Tele Atlas. Tele Atlas customers’ relationship with the company will remain exactly the same. All Tele Atlas customers, including TomTom, will have access to the same higher quality maps, at the same time and will pay a comparable price. Customers’ confidentiality will be safeguarded and will never be at risk.
The acceptance period under the Offer which began at 9:00 hours, Amsterdam time (3:00 hours, New York time), on 19 November 2007 will end at 15:00 hours, Amsterdam time (9:00 hours, New York time), on 30 May 2008 (the "Current Acceptance Closing Date"). Acceptance under the Offer must be made in the manner specified in the offer memorandum dated 18 November 2007 (the "Offer Memorandum").
Acceptance by Shareholders
Shareholders who hold their Shares through an admitted institution are requested to make their acceptance known via their bank or stockbroker no later than 15:00 hours, Amsterdam time (9:00 hours, New York time) on 30 May 2008, unless the acceptance period is further extended.
Declaring the Offer Unconditional
The Offer remains subject to the fulfillment of the offer conditions as set out in paragraph 6.2 of the Offer Memorandum (the "Offer Conditions"), including but not limited to the condition that on the Current Acceptance Closing Date the number of Shares that is tendered for acceptance under the Offer, together with the Shares that are held at that time by the Offeror, represent at least 80% of all issued and outstanding Shares. The Offeror, or the Offeror and Tele Atlas jointly, as the case may be, reserve the right to waive certain Offer Conditions.
The Offeror will determine within five business days following the Current Acceptance Closing Date (such date being the "Unconditional Date") whether the Offer Conditions have been fulfilled or are to be waived by the Offeror (insofar as permitted by law) and will announce whether (i) the Offer has been declared unconditional, (ii) there is still uncertainty as to the fulfillment of any of the Offer Conditions, or (iii) the Offer is terminated, as a result of the Offer Conditions not having been fulfilled or waived by the Offeror, or the Offeror and Tele Atlas, as the case may be all in accordance with article 9t, paragraph 4 of the Bte 1995 and other applicable laws.
On the Unconditional date, the Offeror may announce a post-acceptance period (na-aanmeldingstermijn) of the Offer with a maximum of fifteen business days. During a post acceptance period, Shareholders that have not yet tendered their Shares under the Offer will be given the opportunity to do so in the same manner and under the same conditions as set out in the Offer Memorandum.
The Offeror may extend the Offer past the Current Acceptance Closing Date one or more times as set out in the Offer Memorandum in the event that one or more of the Offer Conditions is not fulfilled or waived. If the Offer is further extended, a public announcement to that effect shall be made not later than 15:00 hours, Amsterdam time (9:00 hours, New York time) on the third business day following the Current Acceptance Closing Date in accordance with the provisions of article 9o, paragraph 5 of the Bte 1995. During such extension of the acceptance period, any Shares previously tendered and not withdrawn will remain subject to the Offer.
Purchases outside the Offer
To the extent permitted by applicable law, in accordance with normal Dutch practice and pursuant to exemptive relief granted by the Staff of the Division of Market Regulation of the SEC (the "Staff") from Rule 14e-5 of the US Securities Exchange Act of 1934 ("Rule 14e-5"), the Offeror or its nominees or brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, Shares otherwise than under the Offer, such as in open market or privately negotiated purchases outside the United States during the period in which the Offer remains open for acceptance. In addition, in accordance with Dutch law and with exemptive relief granted by the Staff from Rule 14e-5, Goldman Sachs and ABN AMRO, serving as financial advisors to the Offeror, or their respective affiliates and separately identifiable departments may make purchases of, or arrangements to purchase, Shares outside of the Offer or engage in trading activities involving Shares and various related derivative transactions in the normal and ordinary course of their business. In accordance with the requirements of Rule 14e-5 and exemptive relief granted by the SEC, any such transactions outside of the Offer must comply with Dutch law. Any information about purchases by the Offeror will be notified forthwith (onverwijld) to the Dutch Authority for the Financial Markets. In accordance with applicable Dutch law, only in certain instances will purchases, or arrangements to purchase, of Shares outside the Offer be publicly disclosed and such public disclosure will be available on the website of The Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (www.afm.nl). Information regarding transactions in the Shares will also be publicly disclosed in the United States to the extent that such information is made public in The Netherlands.
Offer Memorandum and further
Shareholders are advised to review the Offer Memorandum in detail and to seek independent advice where appropriate in order to reach a reasoned judgment in respect of the content of the Offer Memorandum and the Offer itself. The information in this announcement is not complete and additional information is contained in the Offer Memorandum.
Copies of the Offer Memorandum are available on the website of TomTom (www.tomtom.com) or Tele Atlas (www.teleatlas.com). TomTom’s and Tele Atlas' website do not constitute a part of, and are not incorporated by reference into the Offer Memorandum. Copies of the Offer Memorandum are furthermore available free of charge at the offices of TomTom and Tele Atlas and the exchange agent and the information agent at the addresses mentioned below.
Copies of Tele Atlas' articles of association and the financial information of Tele Atlas relating to the annual financial statements (jaarrekening) of Tele Atlas for the financial year 2006 ended on 31 December 2006, the financial year 2005 ended on 31 December 2005 and the financial year 2004 ended on 31 December 2004, which documents are incorporated by reference in, and form an integral part of, the Offer Memorandum, are available free of charge at the offices of Tele Atlas and the Exchange Agent and can be obtained by contacting them at the addresses stated below.
On 28 February 2008, Tele Atlas has published its Q4 2007 and Full Year 2007 results. Furthermore, on 29 April 2008, Tele Atlas has published its Q1 2008 results. Shareholders are advised to review the press releases issued in relation to the publication of the Q4 2007 and Full Year 2007 results and the Q1 2008 results in combination with the financial information in the Offer Memorandum. Both the press releases dated 28 February 2008 and 29 April 2008 as well as a full copy of financial statement (jaarrekening) of Tele Atlas for the financial year 2007 ended on 31 December 2007 can be reviewed and downloaded from Tele Atlas' website as mentioned above.
1011 DK Amsterdam
Tele Atlas N.V.
5232 BX 's-Hertogenbosch
The Exchange Agent
ABN AMRO Bank N.V.
AS Exchange Agency MF 2020
4817 ST Breda
P.O. Box 3200
4800 DE Breda
Tel: +3176579 9455
Fax: +3176579 9643
The information agent
D.F. King & Co., Inc.
2 London Wall Buildings, 2nd Floor
London Wall, London EC2M 5PP
European Toll Free Help Line: 00 800 5464 5464
48 Wall Street, 22nd Floor
New York, NY 10005
North America Toll Free Help Line:
1 (800) 431 9642
The Offer is not being made, and the Shares will not be accepted for purchase from or on behalf of any Shareholder, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority not expressly contemplated by the terms of the Offer Memorandum. Persons obtaining the Offer Memorandum are required to take due note and observe all such restrictions and obtain any necessary authorisations, approvals or consents. Neither the Offeror, nor Tele Atlas, nor any of their advisers accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who would or otherwise intend to forward the Offer Memorandum or any related document to any jurisdiction outside The Netherlands should carefully read Section 1 (Restrictions and Important Information) of the Offer Memorandum before taking any action. The distribution of the Offer Memorandum in jurisdictions other than The Netherlands may be restricted by law and therefore persons into whose possession the Offer Memorandum comes should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the law of any such jurisdiction.
For more information
+31 20 757 5194
+31 653 686 999
This announcement does not constitute an offer to purchase any securities, nor a solicitation of any offer, proxy, consent or authorization to buy or subscribe for any securities of Tele Atlas or any other securities, nor shall it (or any part of it) form the basis of, or be relied upon in connection with, any contract therefore. In the event that an offer is made, details of the offer will be set out in an offer memorandum, which will contain the full terms and conditions of the offer including how the offer can be accepted, and which will be made available to all holders of securities of Tele Atlas free of charge.
This announcement is a press release and not a prospectus
and holders of ordinary shares in Tele Atlas should not make any
decisions except on the basis of the information contained in the
offer memorandum to be published in due course.
Statements in this document regarding the proposed transaction between Tele Atlas and TomTom, the expected timing for completing the transaction, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company and any other statements about Tele Atlas or TomTom managements' future expectations, beliefs, goals, plans, or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "will," "plans," "anticipates," "expects" and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to consummate the transaction, the ability of TomTom to successfully integrate Tele Atlas' operations and employees; the ability to realize anticipated synergies and cost-savings; the receipt of regulatory clearances; and other factors described in TomTom's and Tele Atlas' most recent respective annual reports for the year ended 2007. TomTom and Tele Atlas each disclaim any intention or obligation to update any forward-looking statements as a result of developments after the date of this announcement.