Zendesk drama concludes with $10.2 billion private equity acquisition – Meczyki.Net

zendesk The last several months have been a tough time. It is hounded by active investors, Jana Partners. It turned down a $17 billion acquisition in February believing it was overpriced. Its investors turned down a deal that same month to buy Survey Monkey’s parent company, Momentive.

Today, the drama concluded when Zendesk was acquired by a consortium of private equity firms for $10.2 billion, far less than that original offer.

But the SaaS market has shifted dramatically over the past few months, and Zendesk is caught in a whirlpool of investor drama in the midst of it. Earlier this month, the company concluded it would remain independent, a move that caused the share price to fall.

It has now been sold to an investor group led by Permira and Hellman & Friedman. Shares of Zendesk settled at 57.95 per share this morning with a market cap of $7.1 billion. The deal is for $77.50 per share, a 34% premium over yesterday’s price, but well below the $17 billion private equity offering in February, according to a company statement.

more to come. This is a breaking story.