Sign In  |  Register  |  About Los Altos  |  Contact Us

Los Altos, CA
September 01, 2020 1:26pm
7-Day Forecast | Traffic
  • Search Hotels in Los Altos

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

When Hellman & Friedman and Permira Signed an Agreement to Buy Zendesk, the Stock Surged 28.65 Percent.

ZEN said on Friday that it will be acquired for $77.50 per share in cash, or $10.2 billion. The price of the shares jumped about 29% to $74.52. Before the formal announcement, the stock had already gained more than 50% in the premarket trading session.

The price reflects a 34% increase over Thursday’s closing value. The value of Zendesk’s stock is estimated at around $7 billion.

The reported late Thursday that a collection of buyout companies was in discussions to acquire the supplier of cloud-based customer support software.

Activist investor Jana Partners has been in negotiations with Zendesk, according to the Journal, and a possible outcome is the company’s CEO being forced to resign. That deal’s impact on ongoing negotiations was not immediately clear, according to the Journal.

A JMP Securities analyst called Zendesk “an interesting acquisition target since it is a platform, global, multi-product, and 100 percent cloud,” before the transaction was disclosed.

After the purchase was finalized, Walravens maintained its Market Outperform rating and $193 price objective on Zendesk shares.

The post When Hellman & Friedman and Permira Signed an Agreement to Buy Zendesk, the Stock Surged 28.65 Percent. appeared first on Best Stocks.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 LosAltos.com & California Media Partners, LLC. All rights reserved.