Meltwater ups Cision bid, chance of winning bidding war stays slim

STOCKHOLM (Reuters) - U.S.-based PR software and services firm Meltwater raised its bid for Swedish peer Cision CISI.ST 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 Holdings.

“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