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Investing.com – Mimecast stock (NASDAQ:MIME) climbed more than 6% Tuesday to cross $80, the price at which private equity firm Permira is willing to pay to take the firm private.
Mimecast said it has the right to terminate the agreement with Permira to enter into a superior proposal.
The agreement includes a 30-day “go-shop” period expiring on January 6. The company said during this period, an independent special committee and its advisors will actively initiate and evaluate acquisition proposals, and potentially enter into negotiations with any parties that offer better alternatives.
The stock touched a high of $80.25 in the session underway so far.
The all-cash transaction with Permira values Mimecast at $5.8 billion. This transaction is expected to close in the first half of 2022.
Mimecast’s second-quarter revenue rose 20% year-on-year to $147 million. Adjusted profit per share rose to 40 cents from 29 cents in the second quarter of last year. The company has guided for current-quarter revenue to come in between $149.2 million and $150.7 million.
