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 LONDON (AP) - Thomson Corp.'s reported bid Friday to acquire Reuters signals that it wants to go head to head with Bloomberg in the lucrative market of delivering real-time financial data and news to customers like investment banks.
Shares of the British news and financial information company soared 25 percent after it disclosed it had received a takeover offer. That drove its market capitalization to more than $15 billion — higher than the Financial Times said Stamford, Conn.-based Thomson was willing to pay.
Thomson, Reuters Group PLC and Bloomberg LP all compete aggressively in what is known as the "terminal" market, for the data terminals on desks at the world's major banks and brokerages. Reuters was the market leader for many years, though it has steadily lost ground to Bloomberg. An April report from Inside Market Data Reference said Bloomberg has 33 percent of the market share, with Reuters at 23 percent and Thomson at 11 percent.
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