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Smartsheet (NYSE:SMAR) edged lower by 0.5% after the company disclosed that it has so far received no alternative bids in its go-shop process for its planned $8.4 billion sale to Vista Equity Partners and Blackstone (BX).
Starting on Sept. 24, representatives of Qatalyst Partners reached out to 41 parties, including 23 financial sponsors and 18 strategic parties, to invite the parties to discuss a potential acquisition of Smartsheet (SMAR), the company disclosed in a proxy filing on Monday. All of the parties contacted affirmatively declined to evaluate a potential transaction. The go-shop period expires on Friday.
The latest update comes after a filing last month indicated another party was interested in a stock and cash bid for Smartsheet (SMAR). The unidentified party indicated it wasn't interested in a deal at the time, though potentially after an official agreement was reached with another firm.
Smartsheet (SMAR) announced on Sept. 24 a deal to sell itself to private equity firms Vista Equity and Blackstone (BX) for $56.50 a share.
Some analysts speculated last month that Party I may be Zoom Video (ZM). Monday's filing appeared to indicate the mystery bidder is no longer interested in a deal.
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