Thomson Reuters, based in New York, offered $22 per share in cash, a 40 percent premium to FXall’s closing price July 6, according to a statement released by the company. New York- based FXall’s shares fell 1.1 percent to $15.70 July 6 in New York, down from a high of $18.72 in May. Thomson Reuters dropped 47 cents to $28.47 July 6.
FXall’s trading platform provides access to foreign exchange markets to asset managers, corporations and hedge funds. Thomson Reuters said it expects the deal to close by the third quarter.
“Teaming up with FXall is very complimentary to our strength in terms of their clients,” Yvonne Diaz, a spokeswoman for Thomson Reuters in London, said in a telephone interview. “It’s about serving the market more completely.”
A spokesperson for FXall could not be immediately reached for comment.
FXall shares rose $6.28 today, or 40 percent, to $21.98 in New York.
Bloomberg LP, the parent of Bloomberg News, competes with Thomson Reuters in selling financial and legal information and trading systems.
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