By Graeme Wearden, 6 July 2006 08:20
NEWS
Shares in GPS navigation company TomTom rose sharply on Tuesday amid speculation the company could be a takeover target for Microsoft.
By the close of trading on Tuesday afternoon in Amsterdam, TomTom's share price had risen by 6.3 per cent to 32.41. This, according to reports, was fuelled by rumours that Microsoft could be planning a bid.
TomTom did not respond to requests for comment. The company's chief operating officer Alexander Ribbink has played down the speculation, telling Reuters: "That's news to me. I haven't heard about it".
By Wednesday lunchtime, TomTom's share price had slipped by 2.8 per cent to 31.50.
TomTom's software is used in handheld computers and in-car navigation units. Having become the market leader in the consumer space, the company is now moving into the business sector with a fleet-management product supporting GPS and GPRS.
Graeme Wearden writes for ZDNet UK
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