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The Toronto-based legal and financial technology company executed a plan on Monday, giving shareholders about US$1.44 per share in cash, totalling around US$605 million. Based on recent filings, corporations linked to the Thomson family, the wealthiest in Canada and among the wealthiest in the world, own about 70.6 per cent of the company’s shares. That could yield over US$448.6 million if they take full advantage of the deal. (The Logic)
Talking point: It’s the latest in a string of shareholder-friendly moves to offset a nearly 28 per cent tumble in the Thomson Reuters share price this year, as investors question the viability of enterprise software firms amid new competition from artificial intelligence. The company will consolidate every 100 shares into around 98.45 shares and pay out the difference. The Thomson family’s Woodbridge holding company also sold about US$57.7 million in stock as recently as March. A Thomson Reuters spokesperson said that Woodbridge is not participating in a separate, $600 million share buyback program announced in February. –
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