The consolidation of the GPS market continues...
With the TomTom bid for Tele Atlas recently finalised Vodafone has shown its intentions to make a fist of the sat nav arena with a public offer this week for Wayfinder.
Valuing the Swedish company at SEK 12 (Swedish Kronor) per share (99p) Vodafone has put together a total package worth SEK 239m (approx £20m) - a healthy 252.9 per cent premium on Wayfinder's closing price by the end of trading on 8 December. Perhaps unsurprisingly then the giant telco reports: "Wayfinder's Board of Directors has unanimously recommended that all Wayfinder shareholders accept the offer."
The duo will now enter a three week 'acceptance period' where they will jostle to push the deal through and get their shareholders all aboard in an attempt to formalise the takeover early next year. Of course the motivations in all this are obvious: GPS has become a commodity feature on most midrange handsets and above and Vodafone wants to be in a position to supply them with its own mapping solution rather than rely on licensing third parties.
Given the collapsing value of companies in the current economic climate takeovers for the financially sound are also now more attractive than ever.
So nothing silly to be seen here. Move along it, people.