PFPT - Why Thoma Bravo's Acquisition Of Proofpoint Is Good For Mimecast
- Proofpoint announced that Thoma Bravo will be acquiring it for $176 per share, a 34% premium to the prior day's closing price.
- The acquisition values Proofpoint at $12.3 billion, or ~8.7x 2022 consensus revenue.
- With Proofpoint currently trading ~$172, there likely is limited upside to the name, unless the competitive bidding war takes place during the company's 45 day go-shop period.
- Mimecast (close competitor to Proofpoint) is currently trading at under 5x forward revenue and has underperformed the market and Proofpoint for the past year.
- Long-term investors should look to build a position in Mimecast prior to the company reporting its Q4 earnings in May.
For further details see:
Why Thoma Bravo's Acquisition Of Proofpoint Is Good For Mimecast