Mimecast gains on report of getting offer from rival Proofpoint above Permira deal

Jan. 13, 2022 8:44 AM ETMimecast Limited (MIME)By: Joshua Fineman, SA News Editor4 Comments

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  • Mimecast (NASDAQ:MIME) rose 2.6% in premarket trading on a report that it received a higher offer than its deal with Permira in its go-shop period.
  • Rival email-protection company Proofpoint offered to buy Mimecast for $92.50/share, according to a Bloomberg report, which cited people familiar. Mimecast rejected the offer as it believed a transaction may have too many potential antitrust issues.
  • The report comes after PE firm Permira agreed to purchase Mimecast for about $5.8B, or $80/share in all cash deal early last month. The agreement included a 30-day “go-shop” period that was set to expire on January 6, 2022.
  • Mimecast (MIME) is said to have met with Proofpoint several times, though Proofpoint wasn't able to convince Mimecast that the deal wouldn't see a lengthy antitrust review, according to Bloomberg.
  • The Proofpoint bid for Mimecast (MIME) comes after PE firm Thoma Bravo completed its $12.3B acquisition of Proofpoint in late August.
  • Recall late October, Mimecast gains after company is said to be exploring a potential sale and Proofpoint could be a potential bidder.
  • Also see, Mimecast may be worth $80 to $118 a share in potential sale.

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