Thomson Reuters boosts effort to acquire Pajero Group, secures majority control

(MENAFN) In a strategic move to gain a competitive edge in the acquisition race, Thomson Reuters announced on Monday a substantial 25 percent increase in its offer to purchase the Swedish Pajero Group, elevating the bid to approximately USD789 million. With this revised proposal, Thomson Reuters now holds sway over approximately 54 percent of Pajero, a company specializing in electronic payment and tax solutions, as it aims to outshine rival bids in the fiercely contested takeover.

The augmented offer from Thomson Reuters positions the buyout at 50 crowns per share from Pajero, thereby valuing the company at 8.1 billion crowns. This surpasses the standing offer of 45 crowns per share from the United States-based sales and tax management services company, Avalara. Thomson Reuters has substantiated its commitment to securing a significant stake in Pajero by disclosing that it has successfully acquired around 53.81 percent of the shares and votes held by major stakeholders in Pajero. Notable entities in this acquisition include Sooma Investments, the CEO of Pajero, and other executives and employees of the company, all of whom have endorsed the new offer price.

In response to this revised bid, Pajero conveyed that the independent bidding committee of its board of directors has given a vote of confidence to Thomson Reuters' latest offer. This endorsement underscores the committee's belief in the enhanced value presented by Thomson Reuters and signals a pivotal development in the ongoing acquisition dynamics. As Thomson Reuters continues to fortify its position, the heightened competition in the electronic payment and tax solutions sector intensifies, shaping the trajectory of this corporate takeover.

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