NAVTEQ , a leading global provider of digital maps for vehicle navigation and location-based solutions, today completed its previously announced acquisition of Traffic.com, Inc. , a leading provider of personalized traffic information for drivers coast-to-coast.
In accordance with the terms of the acquisition, as announced on November 6, 2006, NAVTEQ acquired all the outstanding shares of common stock of Traffic.com. The total consideration to be paid in the transaction is approximately $177 million, subject to pending elections by stockholders and certain option holders of Traffic.com.
NAVTEQ and Traffic.com have agreed to extend the deadline for holders of Traffic.com common stock and certain options to purchase Traffic.com common stock, who may elect the type of merger consideration they prefer to receive, and for warrant holders who are exchanging their warrants to purchase shares of Traffic.com stock for shares of NAVTEQ common stock from 5:00 p.m., Eastern Time, on March 20, 2007 to the same time on March 27, 2007. Holders of Traffic.com common stock and certain options to purchase Traffic.com common stock may elect to receive (subject to certain conditions, including those pertaining to pro-ration) merger consideration of either (i) $8.00 in cash, without interest, or (ii) 0.235 shares of NAVTEQ common stock (in the case of holders of options, less the exercise price of such options and any applicable tax withholding amounts). The extension of the election deadline is intended to permit a sufficient amount of time for such holders to submit their forms of election and letters of transmittal, as applicable, for processing and payment by NAVTEQ’s exchange agent, who is handling these matters.