SAN FRANCISCO: Two major PR software and monitoring companies could join forces after San Francisco-based Meltwater attempted to gatecrash a private equity takeover bid for Stockholm-headquartered Cision.
The board of Cision unanimously recommended Blue Canyon's offer to shareholders in February. Meltwater has made a counteroffer, valuing Cision at about 895 million Swedish Krona, or about $137 million.
Meltwater said it made the bid without first requesting a recommendation from Cision’s board because it wanted Cision’s shareholders to know about it before Friday, when the acceptance period for Blue Canyon's bid will expire.
It has already demonstrated the seriousness of its intent by buying 15.3% of Cision since Blue Canyon's bid was recommended.
Blue Canyon is the name of the investment vehicle through which US-based private equity firm GTCR is trying to acquire Cision.
"We believe in the industrial logic of combining Meltwater and Cision," said Meltwater founder and CEO John Lyseggen. "We believe that together we will be in a position to offer clients better services combining the world’s best media intelligence services and the world’s premier journalist contact database."
Cision chairman Hans-Eric Andersson declined to comment on Friday.
This story originally appeared on the website of PRWeek UK. It was updated on Friday, April 4, to note that Cision declined to comment.