The Acquisition Offer

If the acquisition by The Thomson Corporation is successful, a new company will be created. Reuters shares, as currently traded on the London Stock Exchange, will cease to exist. In their place, investors will trade in shares in Thomson Reuters PLC, the new UK arm of Thomson Reuters. This means that existing Reuters share plans need to be closed and where you would normally have had to wait for a period of up to four years to benefit from your award, you should now see this benefit upon completion of the acquisition.

  • For each existing Reuters share, Thomson is offering £3.525 in cash plus 0.16 of a share in the new Thomson Reuters company.
  • For legal reasons, the new shares are in Thomson Reuter PLC, not Thomson itself.
  • Shares in Thomson Reuters PLC will have substantially identical rights to existing shares in Thomson.
  • The cash portion of the share value is fixed at £3.525 per Reuters share.

At the time the deal was announced, 0.16 of a new share was valued at £3.525, which meant each Reuters share was valued at £7.05 (£3.525 in cash and £3.525 in shares).

The value of the 0.16 new share is variable, based on what the market will pay for Thomson Reuters PLC shares on the London Stock Exchange when the acquisition is complete.

Thomson Reuters share price £17.22
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Enter Number of Reuters Shares Terms of Offer:
Cash Portion		 Terms of Offer:
Thomson Reuters Shares		 Approx Value of Thomson Reuters Shares Approx Total Value
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Important Dates:

There are two key dates that impact the accelerated vesting and delivery of the acquisition offer:

  • The Sanction Date - the day the courts authorise the acquisition to proceed. On this day the unvested options and awards become vested. The Sanction Date is currently expected to be on 14 April.
  • The Effective Date - typically a few days after the Sanction Date and the day the courts finalise the acquisition. The Acquisition Offer is extended on the Effective Date and it is currently expected to be on 16 April.

The RSP and LTIP awards that were vested on an accelerated basis will be released to participants on the Sanction Date.

DSOP and SAYE participants will be able to provide exercise instructions for their options from the Effective Date.

Six months from the Sanction Date, all outstanding options lapse.

Did you know?

The Acquisition Offer is being made by what is called the Scheme of Arrangement. If you read or hear references to ‘The Scheme of Arrangement’, it is referring to the terms of the acquisition.