Thomson Reuters raises offer for Sweden's Pagero to $789 mln, topping Avalara's bid (updated)

Pagero AB (publ)

15/01/2024 07:45

(Adds details and background)
       Jan 15 (Reuters) - Thomson Reuters  TRI.TO  said on
Monday it raised its offer to buy Sweden's Pagero  PAGERO.ST  by
25% to about $789 million and that it now controls about 54% of
the company, seeking to ward off a rival bid for the e-invoicing
and tax solutions firm.
    Thomson Reuters said it increased its offer to 50 crown per
Pagero share, valuing the company at 8.1 billion crowns and
topping an offer of 45 crown per share from U.S.-based sales and
tax management services company Avalara Inc.
    Avalara's offer, in turn, was higher than Thomson Reuters'
previous offer last week of 40 crowns per share, which valued
Pagero at 6.4 billion crowns, or about $627 million.
    Thomson Reuters said it has now acquired about 53.81 of the
shares and votes in Pagero from key shareholders, including
Summa Equity, Pagero's CEO Bengt Nilsson and several members of
the management team and employees.
    Pagero's independent bid committee of board of directors
recommended Thomson Reuters' new offer.
 
 ($1 = 10.2711 Swedish crowns)

 (Reporting by Gokul Pisharody in Bengaluru; Editing by Savio
D'Souza)
 ((Gokul.Pisharody@thomsonreuters.com;))