21st Jun 2016 06:30
LONDON (Alliance News) - The UK's Competition and Markets authority said Tuesday that it has until the end of August to decide whether or not to accept undertakings offered by Cision AB in relation to its completed acquisition of UBM PLC's PR Newswire business.
The CMA said that it had been offered undertakings by Cision, which is owned by Chicago-based private equity house GTCR Canyon Holdings, on Monday.
It has considered these undertakings and said that it "considers that there are reasonable grounds for believing that the undertaking offered, or a modified version of it, might be accepted by the CMA to remedy the substantial lessening of competition identified by the CMA."
The CMA now has until the end of August to decide whether to accept the undertakings or not, with the possibility of extending this timeframe to October 25 if it "considers there are special reasons for doing so".
UBM completed the sale of the PR Newswire business last Friday, and plans to return GBP245.0 million of the GBP490.0 million total cash proceeds from the sale to shareholders as a special dividend.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
UBM