Cyril Acquisition AB withdraws the offer for Cision
The Offer is not being made, and this press release may not be distributed, directly or indirectly, in or into, nor will any tender of shares be accepted from or on behalf of holders in, the United States of America, Australia, Canada, South Africa, New Zeeland or Japan or any other jurisdiction in which the making of the Offer, the distribution of this press release or the acceptance of any tender of shares would contravene applicable laws or regulations or require further offer documents, filings or other actions in addition to those required under Swedish law.
The acceptance period for Cyril Acquisition’s (“Cyril Acquisition”) offer (the “Offer”) for all the shares in and convertible participation certificates issued by Cision AB (publ) (“Cision” or the “Company”) expired on 12 June 2008. In total 40,920,856 shares in Cision have been tendered in the Offer. Together with Cyril Acquisition’s 7,511,800 shares, this represents 65.0 per cent of the total number of shares and votes in Cision.
The Offer is inter alia conditional upon Cyril Acquisition becoming owner of more than 90 per cent of the total number of shares in Cision. It is evident that this condition has not been fulfilled and Cyril Acquisition has therefore decided to withdraw the Offer.
“Our view is unchanged that a premium of 66 per cent is attractive to the shareholders and that Cision would benefit from developing as a privately held company. However, it is evident that there unfortunately is no basis to continue with the offer”, comments Jan Åkesson, Partner at Triton.