It was announced on Friday that Zendesk (ZEN) is being acquired by a private equity consortium led by Hellman & Friedman and Permira for $77.50/share in cash, representing a 34% premium to the closing price on Thursday, June 23rd. ZEN represents approximately 3.5% of Fund capital.
We started a position in ZEN in Q4 2021 following the announcement of their proposed acquisition of Momentive (MNTV) for $4 billion in an all-stock deal. We felt at that time that ZEN’s stock price overreacted