Business information services provider Thomson Reuters (NYSE:TRI) has picked up a nearly 53.81% stake in E-invoicing services provider Pagero from its key shareholders.
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Following last week’s announcement of a recommended public offer to acquire 100% of Pagero shares, TRI has now upped the offer price to SEK 50 per share and made the offer unconditional. Notably, an independent bid committee of Pagero’s Board has unanimously recommended this revised offer to all shareholders.
Thomson Reuters expects the strategic M&A move to drive the development of a connected suite that offers global indirect tax, reporting, and E-invoicing solutions. The revised offer, worth nearly SEK 8.1 billion, comes at a 25% premium over Thomson Reuters’ initial bid for the company.
TRI expects the settlement of all shares tendered in the offer on or around February 16. Separately, indirect tax solutions provider Vertex (NASDAQ:VERX) has withdrawn its SEK 36 per share tender offer to acquire Pagero amid competing offers.
Is TRI a Good Stock to Buy?
Overall, the Street has a Hold consensus rating on Thomson Reuters. Following a nearly 25% jump in the company’s share price over the past year, the average TRI price target of $139.22 implies a potential downside of 4.3% in the stock.
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