Thomson Reuters confirms plans to purchase its shares back

By sarahako ako

The Canada-based mass media company, Thomson Reuters, has announced that its stock has risen after it was confirmed that the firm would officially start to purchase its shares back, CNBC reports.

On Tuesday (28 August), it was revealed that the firm’s board of directors agreed to a $9bn stock buyback from shareholders.

In what is called a “substantial issuer bid”, it is expected that there will be a 11.5% premium over the company’s average price over the last 20 days.

In a statement, Thomson Reuters Chief Executive Officer, Jim Smith, said: “We are committed to returning a significant portion of the F&R transaction proceeds to our shareholders.”

See more:

It was also confirmed that Thomson Reuters stock had risen 4% to approximately $44.92 per share.

The company is anticipated to fund the repurchases from the approximately $17bn sale of its financial and risk business to private equity funds that are controlled by Blackstone, according to CNBC.

It is expected that the buy back of the shares will apply to around 30% of the total number issued and outstanding shares and are thought to be finalised following the completion of the Blackstone deal.

Share

Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy