Proxy firm ISS recommends Zendesk shareholders back $10.2 bln go-private deal

Proxy firm ISS recommends Zendesk shareholders back $10.2 bln go-private deal

Zendesk logo is seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustration

Register now for FREE unlimited access to Reuters.com

Sept 6 (Reuters) – Software company Zendesk Inc’s (ZEN.N) shareholders should vote for a planned acquisition by a group of private equity firms, a prominent proxy advisory firm recommended on Tuesday.

Institutional Shareholder Services (ISS) warned that there would be “significant downside risk” if Zendesk shareholders failed to approve the proposed deal.

The proxy firm issued its recommendation days before shareholders are set to vote on Sept. 19 and after hedge fund and investor Light Street Capital Management proposed that Zendesk remain independent.

Register now for FREE unlimited access to Reuters.com

“Support FOR the proposed transaction is warranted,” ISS wrote in its report, citing value in the deal and “significant downside risk of the standalone option”.

Last week, Light Street said it would vote against the proposal by a consortium led by private equity firms Hellman & Friedman and Permira to pay $77.50 a share in cash for Zendesk. read more

Light Street instead proposed that it remain a standalone public company and find a new top boss. read more

Register now for FREE unlimited access to Reuters.com

Reporting by Eva Mathews in Bengaluru and Svea Herbst-Bayliss in Rhode Island; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

Source link

Related post

Is the Bitcoin Up App Best for Crypto Trading: Is It Legit or a Scam?

Is the Bitcoin Up App Best for Crypto Trading:…

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto conceived of Bitcoin as a currency used…
Kim Kardashian Fined For Cryptocurrency Promotion, Here’s What It Means For Crypto

Kim Kardashian Fined For Cryptocurrency Promotion, Here’s What It…

| Getty Images Key takeaways Kim Kardashian will pay a fine of $1.26 million for not disclosing to her Instagram followers…
Wisconsin to get $235M in federal funds for road, bridge projects | The Daily Reporter

Wisconsin to get $235M in federal funds for road,…

By: Ethan Duran October 3, 2022 2:51 pm Gov. Tony Evers and the Wisconsin Department of Transportation announced on Monday the…

Leave a Reply

Your email address will not be published.