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Rival Bids for Comms Monitoring Firm Cision
US-based PR solutions company Meltwater is bidding 895 million Swedish crowns ($138m) in cash for Swedish firm Cision, trumping by nine percent an offer by equity company Blue Canyon Holdings. Both firms are involved in monitoring and analysis of traditional and new media.
According to www.reuters.com , Meltwater already owns 15.3 percent of Cision - acquired since Blue Canyon's bid was recommended - and says its offer is conditional on its winning control of at least 80 percent. Blue Canyon's February offer of 52 crowns per share, recommended by Cision's board and later raised to 55.10 crowns, was due to become binding this week.
Cission had struggled earlier in the downturn but a year ago was said on the departure of President and CEO Hans Gieskes to have successfully turned around. North America CEO Peter Granat stepped into Gieskes' shoes.
Formerly known as Romeike, Cision offers marketing and PR professionals a range of tools including identification of key media and influencers, monitoring traditional and social media, and analysis of outcomes. In 2012 it launched a platform called 'Social Influencer Search'.
Meltwater said in a statement that the proposed acquisition 'would create a global leader in the PR services and media monitoring industry', and give synergies leading to significant investments in product development and sales organisation. The acceptance period for its bid is expected to run from April 22nd to May 22nd. Founder and CEO Jorn Lyseggen said the deal would bring together 'the world's best media intelligence services and the world's premier journalist contact database.'
Web site: www.cision.com .
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