Triton fails to secure Cision SEK 1.5bn bid

Triton, through its holding company Cyril Acquisitions AB, has failed to secure the 90% acceptance rate for its SEK 1.5bn take-private of Cision, a Stockholm-based PR and marketing communications consultancy business, after Skandia Liv, who holds 6.3% of the shares, refused the bid.

The Fourth Swedish AP Fund, which holds 4.8%, also said that it would not accept the offer. The acceptance period for the offer expired 12 June, and Trition only secured roughly 65% of the shares. Triton launched its SEK 1.5bn bid in April (June 2008, page 10), which was a 66% premium compared to the closing price on 29 April 2008.

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