Thomson Reuters Corp TRI-T said on Tuesday it would return $2.2-billion to shareholders through a cash distribution and a reverse stock split after selling some of its shares in the London Stock Exchange Group.
Thomson Reuters, the parent company of Reuters News, said in February it planned to return $2-billion in capital to shareholders and possibly conduct a share stock split after it completes a $2-billion buyback program in the second quarter.
The distribution consists of $4.67 per common share while the reverse stock split will reduce the number of outstanding common shares on a basis proportional to the cash distribution, the news and information company said in a statement.
Shareholders will vote on the distribution and reverse stock split at the upcoming annual meeting on June 14, the company said. The proposal requires approval from at least two-thirds of the votes cast.
Woodbridge Co. Ltd., the Thomson family holding company and controlling shareholder of Thomson Reuters, also owns The Globe and Mail.