STOCKHOLM, April 3 U.S.-based PR software and
services firm Meltwater announced an 895 million Swedish crown
($138 million) cash bid for Swedish peer Cision on
Thursday, topping an offer by private equity-controlled Blue
Meltwater bid 60 crowns per share for Cision, 9 percent
higher than the rival offer from Blue Canyon.
Cision shares, which were already trading above that level
in anticipation of a new bid, fell 1.6 percent to 60.50 crowns
at 0835 GMT.
"A combination of Meltwater and Cision would create a global
leader in the PR services and media monitoring industry,"
Meltwater said in a statement, adding a merger and the synergies
it creates would enable significant investments in product
development and sales organisation.
Meltwater said the bid was conditional on it becoming owner
of at least 80 percent of Cision shares.
Meltwater, which already owns 15.3 percent of Cision, said
it had secured committed financing for the bid from Swedish
private equity firm Altor.
Blue Canyon, controlled by U.S. based private equity firm
CTGR, announced a 52 crowns per share bid in February, which was
recommended by Cision's board, and subsequently raised to 55.10
Cision has been under pressure, with problems in the United
States and a weaker general market pushing its shares down 40
percent in the twelve months ahead of Blue Canyon's initial bid.
Meltwater said the acceptance period for its bid was
expected to run from April 22 to May 22.
($1 = 6.4791 Swedish Crowns)
(Reporting by Johannes Hellstrom; Editing by Mark Potter)