Mimecast Limited (NasdaqGS:MIME) has attracted a higher takeover bid during the go-shop period but rejected the rival offer over regulatory concerns, a securities filing shows. Mimecast did not reveal the name of the suitor but, according to various media reports, it was Thoma Bravo-backed cyber-security and compliance firm Proofpoint. The rival suitor had offered to acquire Mimecast for $92.50 per share in cash, subject to completion of customary due diligence.

It had also noted that it could pay a higher price following access to due diligence information, according to the securities filing published January 14, 2022. The target company's board examined the proposal but turned it down citing “significant antitrust risks and associated timing and execution risks”. The rival offer valued the British firm at about $6.14 billion in total equity terms.