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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1834
(Amendment No. 3)
Reuters Group PLC
------------------------------------------------
(Name of Issuer)
Common Stock
------------------------------------------------
(Title of Class of Securities)
G7540P109
------------------------------------------------
(CUSIP Number)
Allison Bennington, Esq.
ValueAct Capital
435 Pacific Avenue, Fourth Floor
San Francisco, CA 94133
(415) 362-3700
------------------------------------------------
(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
Christopher G. Karras, Esq.
Dechert LLP
Cira Centre
2929 Arch Street
Philadelphia, PA 19104-2808
(215) 994-4000
October 30, 2007
------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
This information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1834 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 2 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund, L.P.
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS (See Instructions)*
WC*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 69,274,475**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
69,274,475**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
69,274,475**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 3 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund III, L.P.
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS (See Instructions)*
WC*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 9,601,637**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
9,601,637**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,601,637**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 4 of 18
- ----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners, LLC
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 69,274,475**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
69,274,475**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
69,274,475**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00 (LLC)
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 5 of 18
- ----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners III, LLC
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 9,601,637**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
9,601,637**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,601,637**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00 (LLC)
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 6 of 18
- ----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, L.P.
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 78,876,112**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
78,876,112**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,876,112**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 7 of 18
- ----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, LLC
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 78,876,112**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
78,876,112**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,876,112**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00 (LLC)
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 8 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Jeffrey W. Ubben
- ---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- ---------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 78,876,112**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
78,876,112**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,876,112**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 9 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
George F. Hamel, Jr.
- ---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 78,876,112**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
78,876,112**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,876,112**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
SCHEDULE 13D
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 10 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Peter H. Kamin
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ---------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 78,876,112**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
78,876,112**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,876,112**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 11 of 18
- -----------------------------------------------------------------------------
THE PURPOSE OF THIS AMENDMENT NO. 3 TO SCHEDULE 13D IS TO AMEND THE
OWNERSHIP REPORTS OF THE REPORTING PERSONS. THE INFORMATION BELOW
SUPPLEMENTS THE INFORMATION PREVIOUSLY PROVIDED.
Item 1. Security and Issuer
This Schedule 13D relates to the Common Stock (the "Common Stock"), of
Reuters Group PLC (the "Issuer"). The address of the principal executive
Offices of the Issuer is 85 Fleet Street, 7th Floor, London, XO EC4P 4AJ,
United Kingdom.
Item 2. Identity and Background
This statement is filed jointly by (a) ValueAct Capital Master Fund,
L.P. ("ValueAct Master Fund"), (b) ValueAct Capital Master Fund III, L.P.
("ValueAct Master Fund III"), (c) VA Partners, LLC ("VA Partners"), (d) VA
Partners III, LLC ("VA Partners III"), (e) ValueAct Capital Management, L.P.
("ValueAct Management L.P."), (f) ValueAct Capital Management, LLC ("ValueAct
Management LLC"), (g) Jeffrey W. Ubben, (h) George F. Hamel, Jr. and (i)
Peter H. Kamin (collectively, the "Reporting Persons").
ValueAct Master Fund and ValueAct Master Fund III are limited
partnerships organized under the laws of the British Virgin Islands. Each
has a principal business address of 435 Pacific Avenue, Fourth Floor, San
Francisco, CA 94133.
VA Partners is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master Fund.
VA Partners III is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master Fund
III. Each has a principal business address of 435 Pacific Avenue, Fourth
Floor, San Francisco, CA 94133.
ValueAct Management L.P. is a Delaware limited partnership which
renders management services to ValueAct Master Fund and ValueAct Master Fund
III. ValueAct Management LLC is a Delaware limited liability company, the
principal business of which is to serve as the General Partner to ValueAct
Management L.P. Each has a principal business address of 435 Pacific Avenue,
Fourth Floor, San Francisco, CA 94133.
(a), (b) and (c). Messrs. Ubben, Hamel and Kamin are each managing
members, principal owners and controlling persons of VA Partners, VA Partners
III, ValueAct Management, L.P. and ValueAct Management LLC, and such
activities constitute their principal occupations. Such individuals are
sometimes collectively referred to herein as the "Managing Members" or
individually as a "Managing Member". Each Managing Member is a United States
citizen and has a principal business address of 435 Pacific Avenue, Fourth
Floor, San Francisco, CA 94133.
(d) and (e). None of the entities or persons identified in this Item 2
has during the past five years been convicted of any criminal proceeding
(excluding traffic violations or similar misdemeanors), nor been a party to a
civil proceeding of a judicial or administrative body of competent judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 12 of 18
- -----------------------------------------------------------------------------
Item 3. Source and Amount of Funds or Other Consideration
Not applicable in that the transaction involved the sale of, and not
the acquisition of, securities.
Item 5. Interest in Securities of the Issuer
(a) and (b). Set forth below is the beneficial ownership of
shares of Common Stock of the Issuer for each person named in Item 2. Shares
reported as beneficially owned by ValueAct Master Fund and ValueAct Master
Fund III are also reported as beneficially owned by (i) ValueAct Management
L.P. as the manager of each such investment partnership, (ii) ValueAct
Management LLC, as General Partner of ValueAct Management L.P. and (iii) the
Managing Members as controlling persons of VA Partners, VA Partners III and
ValueAct Management LLC. Shares reported as beneficially owned by ValueAct
Master Fund are also reported as beneficially owned by VA Partners, as
General Partner of ValueAct Master Fund. Shares reported as beneficially
owned by ValueAct Master Fund III are also reported as beneficially owned by
VA Partners III, as General Partner of ValueAct Master Fund III. VA
Partners, VA Partners III, ValueAct Management LLC and the Managing Members
also, directly or indirectly, may own interests in one or more than one of
the partnerships from time to time. Unless otherwise indicated below, by
reason of such relationships each of the ValueAct Master Fund and ValueAct
Master Fund III is reported as having shared power to vote or to direct the
vote, and shared power to dispose or direct the disposition of, such shares
of Common Stock, with VA Partners (only with respect to ValueAct Master
Fund), VA Partners III (only with respect to ValueAct Master Fund III),
ValueAct Management L.P., ValueAct Management LLC and the Managing Members.
As of the date hereof, ValueAct Master Fund is the beneficial
owner of 69,274,475 shares of Common Stock, representing approximately 5.5%
of the Issuer's outstanding Common Stock (which shares may also be
deemed to be beneficially owned by VA Partners). As of the date hereof,
ValueAct Master Fund III is the beneficial owner of 9,601,637 shares of
Common Stock, representing less than 1% of the Issuer's outstanding Common
Stock (which shares may also be deemed to be beneficially owned by VA
Partners III).
ValueAct Management L.P., ValueAct Management LLC and the
Managing Members may each be deemed the beneficial owner of an aggregate of
78,876,112 shares of Common Stock, representing approximately 6.2% of the
Issuer's outstanding Common Stock.
All percentages set forth in this Schedule 13D are based upon the
Issuer's reported 1,265,436,455 outstanding shares of Common Stock as of
November 1, 2007.
(c) During the sixty (60) days preceding the date of this report, the
Reporting Persons purchased the following shares of Common Stock in the open
market:
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 13 of 18
- -----------------------------------------------------------------------------
Reporting Person Trade Date Shares Price/Share
- ---------------- ---------- --------- -----------
ValueAct Master Fund 10/05/2007 2,640,000 $13.43
10/08/2007 31,680 $13.31
10/09/2007 232,320 $13.31
10/11/2007 2,640,000 $13.39
10/12/2007 1,672,000 $13.42
10/15/2007 1,012,418 $13.47
10/17/2007 8,800 $13.40
10/25/2007 140,800 $13.40
10/26/2007 2,640,000 $13.42
10/29/2007 2,640,000 $13.59
10/30/2007 1,760,000 $13.62
11/01/2007 963,290 $13.78
11/02/2007 2,640,000 $13.70
11/05/2007 1,760,000 $13.55
Reporting Person Trade Date Shares Price/Share
- ---------------- ---------- --------- -----------
ValueAct Master Fund III 10/05/2007 360,000 $13.43
10/08/2007 4,320 $13.31
10/09/2007 31,680 $13.31
10/11/2007 360,000 $13.39
10/12/2007 228,000 $13.42
10/15/2007 138,056 $13.47
10/17/2007 1,200 $13.40
10/25/2007 19,200 $13.40
10/26/2007 360,000 $13.42
10/29/2007 360,000 $13.59
10/30/2007 240,000 $13.62
11/01/2007 131,357 $13.78
11/02/2007 360,000 $13.70
11/05/2007 240,000 $13.55
(d) and (e) Not applicable.
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 14 of 18
- -----------------------------------------------------------------------------
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Other than as described elsewhere in this Report and as previously
reported, the Reporting Persons have no understandings, arrangements,
relationships or contracts relating to the Issuer's Common Stock which are
required to be described hereunder.
Item 7. Material to Be Filed as Exhibits
(1) Joint Filing Agreement.
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 15 of 18
- -----------------------------------------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
George F. Hamel, Jr. and Peter H. Kamin, and each of them, with full power to
act without the other, his or its true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or it and in his
or its name, place and stead, in any and all capacities (until revoked in
writing) to sign any and all amendments to this Schedule 13D, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorneys-in-
fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite and necessary fully to all intents and
purposes as he or it might or could do in person, thereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or
their or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
ValueAct Capital Master Fund L.P., by
VA Partners, LLC, its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
ValueAct Capital Master Fund III L.P., by
VA Partners III, LLC, its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
VA Partners, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
VA Partners III, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 16 of 18
- -----------------------------------------------------------------------------
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
ValueAct Capital Management, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: November 6, 2007 Jeffrey W. Ubben, Managing Member
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
By: /s/ Peter H. Kamin
--------------------------------------
Dated: November 6, 2007 Peter H. Kamin, Managing Member
- -------------------------- -------------------------
CUSIP NO. G7540P109 Page 17 of 18
- -----------------------------------------------------------------------------
Exhibit 1
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Common Stock of Reuters Group
PLC is being filed jointly on behalf of each of them with the Securities and
Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act
of 1834, as amended.
ValueAct Capital Master Fund L.P., by
VA Partners, LLC, its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
ValueAct Capital Master Fund III L.P., by
VA Partners III, LLC, its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
VA Partners, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
VA Partners III, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
ValueAct Capital Management, L.P.,
by, ValueAct Capital Management, LLC
its General Partner
By: /s/ George F. Hamel, Jr.
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Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
ValueAct Capital Management, LLC
By: /s/ George F. Hamel, Jr.
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Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
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CUSIP NO. G7540P109 Page 18 of 18
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By: /s/ Jeffrey W. Ubben
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Dated: November 6, 2007 Jeffrey W. Ubben, Managing Member
By: /s/ George F. Hamel, Jr.
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Dated: November 6, 2007 George F. Hamel, Jr., Managing Member
By: /s/ Peter H. Kamin
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Dated: November 6, 2007 Peter H. Kamin, Managing Member
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