Zendesk rejects US$16 billion private equity offer – Finance – Software

Maria J. Danford

Zendesk stated on Thursday it experienced turned down an acquisition offer you from a consortium of non-public equity firms for as significantly as US$16 billion ($A22 billion).

The offer you from the personal equity corporations, which Zendesk did not discover, was in the range of US$127 to US$132 for every share in funds, the San Francisco-centered company claimed. Zendesk shares jumped 10.7% on Thursday to shut at US$114.18.

Zendesk mentioned its board concluded that the non-binding proposal, which does not involve it to abandon the SurveyMonkey offer, considerably undervalued it.

The investors, such as hedge fund Jana Companions, want the business to abandon its proposed US$3.9 billion all-stock acquisition of SurveyMonkey parent Momentive International, which it agreed in October.

Jana has called Zendesk’s plan to obtain Momentive a “reactive and impulsive conclusion”.

Zendesk shareholders are scheduled to vote on the Momentive offer on February 25. The Wall Avenue Journal noted on Thursday that Jana was planning to nominate four administrators to the company’s board and that Thoma Bravo experienced designed a takeover tactic to Zendesk.

Thoma Bravo is 1 of the personal fairness companies that has expressed interest in Zendesk but is not portion of the private equity consortium that created the provide the firm turned down, a particular person acquainted wirh the make a difference stated. Thoma Bravo and Jana declined to remark.

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