STOCKHOLM, April 16 U.S.-based PR software and
services firm Meltwater raised its bid for Swedish peer Cision
on Wednesday but kept it conditional on reaching a 70
percent ownership with slim chances it would come out a winner
in the bidding war with private-equity group GTCR.
Meltwater bid 63 crowns per share for Cision, valuing the
company at 939 million Swedish crowns ($142.93 million) and
topping the current bid by U.S-based GTCR's Blue Canyon
"Satisfaction of this condition requires that GTCR either
accepts the Meltwater offer or enables the shareholders who have
previously accepted the GTCR offer to withdraw their acceptances
and accept the Meltwater offer," Meltwater said.
Blue Canyon Holdings raised its bid for Cision to 61 crowns
per share on April 7 and said it controlled 63 percent of
shares. Blue Canyon had previously declared its bid
unconditional, meaning shareholders do not have the right to
withdraw given acceptances.
Cision shares rose 1.6 percent to 62 crowns at 0956 GMT.
(Reporting by Johannes Hellstrom; Editing by Alistair Scrutton)