Tuesday July 14, 07:50 AM
UPDATE 1-TomTom gets 96 pct take-up for rights issue
* 81.8 mln new ordinary shares subscribed for
* Rump offering for 3.4 mln shares on Tuesday
* Offering at least equal to issue price of 4.21 euros/shr
(Adds more details, background)
AMSTERDAM, July 14 - Dutch navigation device maker TomTom (Amsterdam: TOM2.AS - news) attracted a 96 percent take-up for its 5-for-8 rights offer at 4.21 euros per share, the company said on Tuesday.
The rump shares will be offered by ABN AMRO (Amsterdam: AABA.AS - news) , Deutsche Bank (Xetra: 514000 - news) , London Branch, Goldman Sachs (NYSE: GS - news) , ING Bank and Rabo Securities by way of private placings with institutional and professional investors on Tuesday at a price at least equal to the original issue price, TomTom said.
TomTom, which makes portable navigation devices for cars and mapping software for handheld computers, is struggling with 1.16 billion euros ($1.6 billion) of debt after its purchase of Dutch digital map maker Tele Atlas (Amsterdam: TAAGM.AS - news) for 2.9 billion euros last year.
The company, which competes with U.S.-based Garmin Ltd (NASDAQ: GRMN - news) , said last month it wanted to raise 430 million euros from the rights issue and a private placing, to reduce debt. ($1=.7189 Euro) Keywords: TOMTOM/
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