Thomson Reuters raises offer for Pagero Group, acquires majority stake

TORONTO Thomson Reuters Corp. has raised its offer for Swedish company Pagero Group. Under its revised proposal, the company is offering 50 Swedish kronor in cash per Pagero share in a bid that values the e invoicing firm at about 8.1 billion kronor or about C$1.06 billion. The unconditional bid is up from an offer of 40 kronor per share Thomson Reuters announced last week and tops an offer of 45 kronor per share made by Avalara Inc.

The independent bid committee of Pagero's board of directors has unanimously recommended shareholders accept the new Thomson Reuters offer. Thomson Reuters also says it has already acquired a 53.8 per cent stake in Pagero. The company says it bought the interest from several key shareholders, including Summa Equity, Pagero's CEO Bengt Nilsson, as well as several members of the management team.

This report by The Canadian Press was first published Jan. 15, 2024. Companies in this story: (TSX:TRI).