TomTom should be divided and put up for sale, shareholder says
TomTom, the listed Dutch navigation software and equipment company, should be divided up in different components that should each be sold to the highest bidder, minority shareholder TT International said in a letter dated 10 March to TomTom's management, Dutch newspaper Het Financieele Dagblad, reported citing the letter of which they obtained a copy.
TT International is a London-based asset manager that owns 4.3m TomTom-shares, or a 1.85% stake in the company, the item added.
In TT International's letter, the company claims that if TomTom is divided up it could be worth EUR 18 per share, the report noted. The current price per share is EUR 8.
TomTom is currently EUR 2.3bn undervalued on the stock exchange in they eyes of asset manager TT International, the item noted.
TT International's fund manager Vikram Kunar would not provide comments to Het Financieele Dagblad yesterday. TomTom responded by referring to its strategy which stresses the coherence between the different company divisions.
Het Financieele Dagblad