Deals
Mimecast Draws Higher Bid from Security Rival Proofpoint
- Proofpoint offered $92.50 per share for Mimecast on Dec. 31
- Mimecast concerned bid carried too much antitrust risk
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Mimecast Ltd., the security company Permira agreed to buy last year, received a higher takeover offer during its go-shop period but rejected the bid on antitrust grounds, according to people familiar with the matter.
Proofpoint Inc., a rival in the email-protection market backed by Thoma Bravo, offered on Dec. 31 to buy Mimecast for $92.50 per share in cash, said the people, who asked to not be identified because the matter isn’t public. While that’s higher than Permira’s cash bid of $80 per share, Mimecast rejected the offer and Proofpoint’s request to conduct due diligence because it viewed the bid as carrying too much antitrust risk, they said.