: Thomson Reuters to ask shareholders to vote on cash distribution and reverse stock split at June meeting
Thomson Reuters Corp. TRICA:TRI said Tuesday it’s planning to return $2.2 billion to shareholders in the form of a cash distribution of $4.67 a share and a reverse stock split that will reduce the number of shares outstanding. The company said it will ask shareholders to approve the plan at its annual and special meeting planned for June 14. The distribution will be made using funds raised from the sale of shares in London Stock Exchange PLC co-owned by the company and certain investment funds affiliated with Blackstone completed thus far in 2023. The reverse stock split will be conducted on a basis that is proportional to the cash distribution with the final ratio to be determined based on the volume weighed average trading price of the common shares on the New York Stock Exchange for the five trading days immediately prior to the return of capital becoming effective. The stock is up 1.1% premarket and has gained 21% in the last 12 months, while the S&P 500 SPX has fallen 10%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.