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PR and marketing software firm Cision (CISN) - Get Cision Ltd. Report hit the buyout jackpot Tuesday, announcing a $2.74 billion cash deal to be acquired by private-equity firm Platinum Equity.

Shares of Cision, owner of PR Newswire, shot up 17.81% to $9.95 after the Chicago-based company announced plans to be bought by Platinum and go private.

An affiliate of Platinum will buy up all outstanding shares of Cision for $10 a share, which represents a 34% premium over the company's 60-day volume-weighted price average, Cision said in a press release. 

Cision will also be free to consider or seek alternative buyout proposals during a "go-shop" period that will last until Nov, 12. However, Platinum will have the right to match a richer offer and collect a termination fee if its bid is rejected in favor of another.

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The two companies hope to officially close their deal in the first quarter of 2020, after receiving the necessary government anti-trust approvals.

"This transaction will provide shareholders with immediate and substantial cash value, while also providing us with a partner that shares in our commitment to customers and employees and can add strategic and operational value," said Kevin Akeroyd, Cision's CEO, in a press statement.

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