Meltwater ups offer for Cision

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Sweden Swedish flagUS software business Meltwater has raised its bid for Swedish sector peer Cision, which has also drawn interest from private equity firm GTCR.

Meltwater has hiked its offer to SEK63 ($9.58) per share from SEK60 after GTCR upped its bid to SEK61 from SEK55.1.

The company said that its offer remains conditional on an acceptance level of at least 70 per cent, This would require GTCR to either accept the offer or enable the shareholders who have agree its offer to accept Meltwater’s bid instead.

“Although (GTCR’s) increased offer is beneficial to the Cision shareholders, it does not ensure the full price for their shares,” said Meltwater.

“Only in a level playing field bidding process, the shareholders will receive the highest price a bidder would be willing to pay for the shares in Cision.”

Earlier this month GTCR bought cloud-based marketing and public relations software provider Vocus for $446.5m.

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