Blue Canyon Gets 72% of Cision, but Battle Continues

Equity company Blue Canyon Holdings has acquired 71.9% of Swedish-owned PR software company Cision, with the allotted time for shareholder acceptance of its bit now expired. A rival and slightly higher bid from US-based PR solutions company Meltwater will now be put to remaining shareholders.

Formerly known as Romeike, Cision offers marketing and PR professionals a range of tools including identification of key media and influencers, monitoring of traditional and social media, and a platform called 'Social Influencer Search' launched in 2012. The company had struggled earlier in the downturn but was said a year ago to have successfully turned around. At this time, President and CEO Hans Gieskes was replaced by former North America CEO Peter Granat (pictured).

Blue Canyon, which is a vehicle for GTCR Valor Merger Sub, already owned 10.1% of Cision and has seen its bid accepted by shareholders representing a further 61.8% since its offer was recommended by the Board of Cision. GTCR is also in the process of acquiring marketing automation firm Vocus, with rumours suggesting the two may be combined if both bids are successful.

Meltwater owns 15.3% of Cision and has bid 63 Swedish krone per share, to Blue Canyon's 55.1, and the acceptance period for the higher bid runs for four weeks from tomorrow. Before it expires, on May 20th, a special meeting of Cision shareholders will be held and will vote on a new board proposed by GTCR. Both the rival firms are involved in monitoring and analysis of traditional and new media.

Cision is online at www.cision.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.