- Zendesk, Inc (NYSE: ZEN) has almost reached a deal with a group of buyout firms, including Hellman & Friedman LLC and Permira, the Wall Street Journal reports.
- Zendesk, with a market value of ~$7 billion, was likely to strike a settlement agreement with activist investor Jana Partners LLC days after it declined to sell itself in a private-equity auction.
- Zendesk and Jana had explored a truce involving the exit of CEO Mikkel Svane and changes to the board, including the removal of director Carl Bass.
- Jana had urged Zendesk to incorporate significant board changes or a sale following the failed bid for SurveyMonkey parent Momentive Global Inc (NASDAQ: MNTV).
- Jana claimed that Zendesk's board received the lowest deal-related shareholder support in the last 20 years for its planned acquisition of Momentive.
- Recently Zendesk had expressed its wish to stay independent after holding talks with potential buyers due to the choppiness in financing markets, making it harder to finance deals.
- In February, Zendesk had reportedly dumped a ~$17 billion takeover proposal from a group of PE firms, including Hellman, Advent International Corp, and Permira.
- Zendesk specializes in helping companies with customer communications.
- Price Action: ZEN shares traded higher by 47.75% at $85.62 in the premarket on the last check Friday.
Read at Benzinga