Smartsheet ticks lower as company says no party has bid during go shop period so far

seekingalpha11-05 00:55

Blue Planet Studio/iStock via Getty Images 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...

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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). 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