Thomson Reuters Extends FXall Offer
Thomson Reuters has agreed to extend its purchase offer for foreign exchange (FX) trading platform FX Alliance (FXall) by three days, following poor take-up of the proposed acquisition among shareholders.
Along with FXall, the information vendor also agreed to settle a class action lawsuit brought by one Michael Rubin, which claimed the $22-per-share offer mooted by Reuters did not represent value for money.
"Thomson Reuters and the other defendants entered into the Memorandum of Understanding solely to avoid the costs, risks and uncertainties inherent in litigation and the Memorandum of Understanding contains no admission of liability or wrongdoing," says the company in a statement.
FXall shareholders now have until end of business Friday to ratify the deal, which is seen as a push by Reuters into the FX buy-side space. So far, around 30 percent of common stock has been tendered in favor of the offer.
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