The Chicago private equity firm that acquired Vocus and Cision this year has confirmed industry expectations and said it will combine the two PR and marketing software providers under former Cision CEO Peter Granat.
Cision, the target of a takeover bid from Chicago-based GTCR Investment, said two executives of GTCR were elected to a new board of directors, including the chairman slot, in a special meeting May 20 in Stockholm.
PR Newswire said it will make users of its direct data feed certify that they will not engage in high-speed trading and will advise users to delay news slated for the market close to wait until after 4 p.m.
Blue Canyon Holdings, the takeover unit of GTCR Investment X AIV that made a bid for Cision in February, upped its offer six percent to 55.10 Krona, or about $8.56 per share, as another bidder entered the fray.
Marketwired said it will stop selling direct feeds to high-speed traders, following rival Business Wire in the wake of a February Wall Street Journal report showing how the traders gain an advantage through newswire data.
So-called high-frequency traders are taking advantage of direct news feeds from Business Wire and Marketwired to gain an advantage on "less fleet-footed investors," according to a Wall Street Journal report.
*O'Dwyer's is the only PR firm ranking which requires the top page of the latest corporate income tax return and W-3, establishing particpants as PR firms rather than ad agencies or other types of businesses.