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.
Cision confirmed March 21 that competitor Meltwater Holdings offered a competing bid of at least 55 Krona and said it has entered a confidentiality agreement amid the due diligence process.
Blue Canyon, which owns 1.5 shares (10%+) of the PR software provider, said shareholders who tendered at the initial offer will automatically receive the increase bid. The offer runs through April 4.
Blue Canyon said it increased the offer "in light of a notice received from Cision" under a transaction agreement between the two parties regarding a possible third party entering the fold. Its initial bid was more than a 50 percent premium on Cision shares and had the support of Cision's board.
Meltwater disclosed March 20 that it acquired more than 1.5M shares in Cision, a 10.1% stake.
Cision postponed its April 9 annual meeting and rescheduled for May 27 in light of the takeover offer.