Thomson Reuters Corp.'s decision to sell its financial and risk business to Blackstone Group LP did not initially go down well with the chairman of its board, David Thomson, The Wall Street Journal reported, citing people familiar with the deal.
According to the report, Thomson believes the company should have asked for a higher price or looked for other potential buyers. He reportedly initially raised concerns in November 2017, when the board was reviewing Blackstone's offer.
Thomson Reuters CEO Jim Smith was the strongest and most vocal advocate of the deal as he believed that the deal will strengthen the company's core assets. Smith was supported by Woodbridge Co. CEO David Binet and Ed Clark, the two directors on the Thomson Reuters board.
Woodbridge is a Toronto-based holding firm through which David Thomson and other members of the family own their 63% stake in Thomson Reuters.