Zendesk shareholders vote in favor of $10.2 bln go-private deal (updated)

Momentive Global

19/09/2022 21:31

(Adds details, background)
    Sept 19 (Reuters) - Zendesk Inc  ZEN.N  shareholders have
approved a $10.2 billion planned acquisition of the software
maker by a group of private equity firms led by Hellman &
Friedman and Permira, the company said on Monday.
    The company in June agreed to be taken private in a deal
that would be see investors receive $77.50 per share in cash
after persistent pressure from activist investor Jana
Partners. urn:newsml:reuters.com:*:nL4N2YB27B
    The firm said that the deal would close in the fourth
quarter of the year.
    Proxy firm Institutional Shareholder Services (ISS) backed
the deal and warned that there would be "significant downside
risk" if Zendesk shareholders failed to approve it.  urn:newsml:reuters.com:*:nL4N30D38M
    Light Street Capital Management which manages funds that own
more than 2% of Zendesk said in August that it would vote
against deal and proposed that it remain a standalone public
company and find a new top boss.  urn:newsml:reuters.com:*:nL4N30530B
    Earlier this month, Zendesk said that macroeconomic
conditions and business momentum have continued to weaken since
the go-private deal announcement in late-June from the
consortium.

 (Reporting by Akash Sriram in Bengaluru; Editing by Shailesh
Kuber)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))