Reuters sells off additional Tibco shares
03 February 2004 | 4666 views | 0
Reuters has sold an additional nine million shares of Tibco common stock at $6.85 per share, reducing its stake in the Californian software company to 8.8%.
Reuters says total proceeds from this and last week's sell-off of 76.8 million shares will be approximately $563 million, after underwriting and transaction fees, yielding a net profit of approximately $280 million.
With Reuters' shareholding dropping to 8.8%, the news and information group will no longer have the right to a seat on the Tibco board.