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American software firm Zendesk Inc. has decided to push through as an independent public company following a months-long review on a possible merger.
Source: Zendesk
ZEN is down 9.31%, while MNTV is down 3.07%.
Zendesk said its board unanimously decided to continue as an independent firm, noting that it engaged in management meetings and “extensive” due diligence with four potential partners and six financial sponsors.
Zendesk said only a subset of financial sponsors chose to continue in the process, despite several extensions of the review process. It earlier reached out to 26 potential counterparties, 16 possible partners, and ten financial sponsors.
The company said it gave interested sponsors additional time to access enough financing, but no actionable proposals were presented. The final bidders cited adverse market conditions and financing difficulties.
Chairman and Chief Executive Officer Mikkel Svane said the firm would continue to look into opportunities to enhance stockholder value.
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