It looks like the previous reports were wrong. Apple is not set to acquire Waze. In fact, they never had any plans to do so, according to CNET.

A source familiar with “Apple’s thinking” says that a previous story from TechCrunch indicating Apple would soon buy the social-navigation company was completely “fabricated.” In fact, talks between the two companies were never started. In that original report, TechCrunch claimed that Apple was willing to pay $500 million for the company.

Since then, TechCrunch has backed off of their claim. Under the headline “That Apple/Waze Deal Hits A Roadblock” the site now says:

This isn’t a rumor (of a non-deal). There is no deal is happening. At least not now or anytime soon. [sic]

Perhaps Apple is pursuing Foursquare after all.

Source: CNET