Meltwater, which owns 15.3 per cent of Cision, is still holding out hope that the remaining shareholders, as well as GTCR, will accept its slightly higher bid of 63 Swedish krone per share.
There is speculation that Cision would be combined with marketing and PR software company Vocus if the private equity company triumphs, though GTCR has not confirmed its intentions and its acquisition of Vocus is yet to complete.
The period that Cision shareholders had to accept GTCR’s bid of 61 Swedish krone has now expired, with 61.8 per cent agreeing to the offer. GTCR, which already owns another 10.1 per cent, has said it may acquire further shares in the market.
GTCR has also been granted a request for a special meeting of Cision shareholders on 20 May, at which it plans to propose shareholders select a new board, thus strengthening its control of Cision.
The acceptance period for Meltwater’s bid will start around 29 April and close around 27 May.
GTCR is making its play for Cision through an investment vehicle called Blue Canyon.
Its $446.5m (£269m) acquisition of Vocus, agreed on 7 April and subject to a termination fee of at least $13m (£7.7m) if either side pulls out, is expected to close by the end of June.
