- Zendesk, Inc ZEN shareholders approved a $10.2 billion planned acquisition of the software maker by a group of private equity firms led by Hellman & Friedman and Permira.
- Zendesk agreed to be taken private in a deal that would see investors receive $77.50 per share in cash after persistent pressure from activist investor Jana Partners.
- Proxy firm Institutional Shareholder Services (ISS) also backed the deal.
- Light Street Capital Management shared plans to vote against the deal and proposed that it remain a standalone public company and find a new top boss.
- It offered an alternative strategy that included a $4 billion investment to keep the software company independent.
- Price Action: ZEN shares closed lower by 0.05% at $76.56 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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