Timeline: Zendesk: Bows to buyout after trying to stand alone

Momentive Global

24/06/2022 16:08

June 24 (Reuters) - Zendesk Inc  ZEN.N  is set to be taken private by
investment firms led by Hellman and Friedman in a $10.2 billion deal, a steep
discount to the prior offer that valued the software firm at as much as $16
billion.  urn:newsml:reuters.com:*:nL4N2YB27B
  The deal brings to an end months-long saga for the San Francisco-based
software firm, which has been under pressure from investor Jana Partners to sell
itself.  
    Below is a timeline of the major events in the past few months:    

 Date             Development
 Oct 28, 2021     Zendesk says it will buy owner of popular SurveyMonkey
                  platform Momentive Global Inc  MNTV.O  in an all-stock
                  deal valued at around $4 billion.  urn:newsml:reuters.com:*:nL4N2RO5WH
 Nov 30, 2021     In a letter to Zendesk board, activist investor Jana
                  Partners urges the firm to abandon a deal to buy Momentive
                  Global.  urn:newsml:reuters.com:*:nL4N2SL42V
 Jan 11, 2022     Investor Janus Henderson Investors joins Jana to oppose
                  Zendesk's Momentive deal.  urn:newsml:reuters.com:*:nL4N2TR3OY       
 Feb 10, 2022     Zendesk rejects a bid from unnamed private equity firms
                  for as much $16 billion. The offer was in the range of
                  $127 to $132 per share in cash.  urn:newsml:reuters.com:*:nL4N2UL474
 Feb 14, 2022     Proxy advisory firms Institutional Shareholder Services
                  and Glass, Lewis & Co tell investors in Zendesk to vote
                  against the takeover of Momentive Global, calling it too
                  risky.  urn:newsml:reuters.com:*:nL1N2UM13V
 Feb 16, 2022     Jana nominates four directors to Zendesk board, arguing
                  the company must be rehabilitated after an unpopular
                  attempt to buy Momentive Global.  urn:newsml:reuters.com:*:nL1N2UR2EC
 Feb 25, 2022     Zendesk says its investors rejected a proposed takeover of
                  Momentive Global and that it terminated the merger
                  agreement.  urn:newsml:reuters.com:*:nL1N2V0369
 March 17, 2022   Jana urges Zendesk shareholders to vote its four nominees
                  to the software firm's board at the company's annual
                  meeting.  urn:newsml:reuters.com:*:nL3N2VK35N
 June 8, 2022     Jana says it intends to sue Zendesk after it failed to set
                  a date for its 2022 annual meeting.  urn:newsml:reuters.com:*:nL4N2XV3BO    
 June 9, 2022     Zendesk says it would continue as an independent public
                  company after it completed a business review. Says it
                  would hold its annual shareholder meeting on Aug.
                  17. urn:newsml:reuters.com:*:nL4N2XW2J3  
 June 14, 2022    The Wall Street Journal reports that Zendesk is in talks
                  to settle with Jana Partners, which could involve Mikkel
                  Svane stepping down as chief executive and some changes to
                  the board.  urn:newsml:reuters.com:*:nL4N2Y13I1
 June 24, 2022    Zendesk says it will be acquired by a consortium of
                  private equity firms led by Hellman and Friedman and
                  Permira in a $10.2 billion deal.  urn:newsml:reuters.com:*:nL4N2YB27B
          

 (Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru; Editing by Arun
Koyyur)
 ((tiyashi.datta@thomsonreuters.com;))