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.


Featured Articles

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

During this unprecedented era of rapid digital transformation, establishing a well-functioning ecosystem stands to benefit both employees and customers

Mastercard: Supporting clients at a time of rapid evolution

Mastercard has announced a significant expansion of its consulting business with the launch of new practices dedicated to both AI and economics

Why Ceridian has boldly rebranded to Dayforce

Human Capital

McKinsey’s eight lessons in leadership for aspiring CEOs

Leadership & Strategy

KPMG: The biggest challenges facing global CEOs in 2023

Leadership & Strategy