Zendesk Privatization Deal Wins Shareholder Approval

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  • 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.
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