Thomson Reuters Shares Rise on Increased Offer for Remaining Pagero Shares

By Adriano Marchese

Thomson Reuters shares were higher mid-morning after the company said it has increased its offer for the rest of the shares of Swedish information technology solutions company Pagero Group that it hasn't yet acquired.

At 10:48 a.m. ET, shares were trading 1.5% higher in Toronto at 197.90 Canadian dollars ($147.58).

Last week, the Canadian media company launched a $626 million cash bid for Nasdaq-listed Pagero, beating a rival offer made by Vertex for the Swedish e-invoicing provider in December.

On Monday, Thomson Reuters increased its offer to 50 Swedish krona ($4.87) a share and declared the new offer unconditional. It has so far acquired 53.81% of shares of Pagero.

The independent bid committee of Pagero's board of directors unanimously recommends all shareholders of Pagero accept the revised Offer.

Apart from the key shareholders, including Summa Equity, Pagero's chief executive Bengt Nilsson, other members of the management team and employees have sold their stock to Thomson Reuters.

"Thomson Reuters' majority ownership of Pagero will enhance the strategic partnership announced in February 2023, accelerating the companies' joint vision for a connected suite of global indirect tax, reporting and e-invoicing capabilities," it said.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

January 15, 2024 11:18 ET (16:18 GMT)

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