Zendesk Privatization Deal Wins Shareholder Approval

Zendesk, Inc (NYSE: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.