Thomson Reuters returns US$2.2 billion to shareholders
Torys acted as counsel to Thomson Reuters with a team led by Adrienne DiPaolo and David Forrester, and that included Pat Chapman and Max Ledger (corporate/securities), Andrew Gray and Colette Koopman (arrangement proceedings), as well as Corrado Cardarelli, David Mattingly and Chris Saki (Canadian and U.S. tax).
On June 23, 2023, Thomson Reuters Corporation (“Thomson Reuters”) closed its previously announced return of capital transaction.
Announced on April 4, 2023, the return of capital transaction consisted of a distribution of US$4.67 in cash per common share (approximately US$2.2 billion in the aggregate) and a consolidation of the company's outstanding common shares (or reverse stock split) at a ratio proportionate to the amount returned to shareholders. Shareholders not subject to tax in Canada had the ability to opt-out of the transaction, in which case they did not receive the return of capital and were not subject to the share consolidation, continuing to hold the same number of shares they held prior to the effective time of the transaction.
Executed by way of a plan of arrangement, the transaction received shareholder approval on June 14, 2023, final approval from the Ontario Superior Court of Justice (Commercial List) on June 16, 2023 and became effective on June 23, 2023.
Further information can be found on Canada Newswire’s website and thomsonreuters.com.
Thomson Reuters is a leading provider of business information services. Its products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world's most global news service – Reuters.