© Reuters. The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly/File Photo
(Reuters) – Thomson Reuters (NYSE:) said on Thursday it has offered to buy Sweden’s e-invoicing and tax company Pagero for 6.4 billion Swedish crowns (about $627 million), beating an earlier offer from tax technology company Vertex (NASDAQ:).
Thomson Reuters said it has offered to pay 40 crowns in cash for each Pagero share, representing a premium of 11% to Pagero’s last close on Wednesday.
Thomson Reuters’ bid exceeds the 36 crown per share bid announced by Vertex for Pagero.
In a separate statement, Pagero said its independent bid committee of the board unanimously recommends to accept the public offer made by Thomson Reuters, and has withdrawn its recommendation to accept Vertex’s offer.
Thomson Reuters, the parent of Reuters News, said Pagero’s e-invoicing compliance capabilities would expand Thomson Reuters’ indirect tax offerings.
The acceptance period for the offer starts on or around Jan. 12 and ends on or around Feb. 9 this year, the news and information company said in a statement.
($1 = 10.2084 Swedish crowns)