Zendesk board rejects takeover bid from private-equity firms

32165 zendesk board rejects takeover bid from private equity firms

Zendesk Inc.’s ZEN, +10.74% board on Thursday rejected an unsolicited takeover bid from Thoma Bravo LP and other private-equity firms in an all-cash transaction valued at $127 to $132 a share. Zendesk, which also faces a proxy fight from an activist investor seeking to torpedo its proposed purchase of SurveyMonkey parent company Momentive Global Inc. MNTV, -2.52%, issued the following statement: “Consistent with its fiduciary obligations, after careful review and consideration conducted in consultation with its independent financial and legal advisors, the Board concluded that this non-binding proposal significantly undervalues the Company and is not in the best interests of the Company and its shareholders. The proposal is not conditioned on the termination of Zendesk’s pending acquisition of Momentive.” Shares of Zendesk are up 3.6% in after-hours trading Thursday.

Source: Marketwatch

Related Posts