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

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.