Apple CEO denies Waze bid

As Facebook and Google reportedly vie to buy the navigation and traffic reporting app, Tim Cook distances himself from Waze.

Apple Inc. (Nasdaq: AAPL) CEO Tim Cook has distanced himself from Israeli navigation and traffic reporting app Waze Ltd.. In an interview on "AllThingsD" on Tuesday, in response to the question, "Did you make a bid for Waze?", he replied, "We did not."

As for the problems with the Apple Maps app, Cook said, “We screwed up. It’s greatly improved, but not there yet. We have more to do."

In January, "TechCrunch" and Israeli site "Newsgeek" reported that Apple would acquire Waze for $400 million. Apple executives denied the report at the time and Waze declined to comment.

If reports in the blogosphere are reliable, Waze is the subject of a bidding war between Facebook Inc. (Nasdaq: FB) and Google Inc. (Nasdaq: GOOG), with both companies reportedly offering $1 billion for the crowdsourcing navigation and traffic reporting app.

Published by Globes [online], Israel business news - - on May 29, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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