ASC Advisors represents Light Street Capital as it opposes Hellman & Friedman and Permira’s $10.2B cash deal to acquire Zendesk, San Francisco-based customer relationship management company.
Zendesk on June 24 agreed to a $77.50 per share offer, which represented a 34 percent premium on its closing stock price.
Light Street said in its Aug. 29 letter to Zendesk’s board the proposed transaction materially undervalues the company and is detrimental to shareholder interest.
The owner of two percent of Zendesk’s shares offered an alternative plan to the H&F/Permira acquisition, a program that includes a recapitalization, tender offer, stock buyback and revised corporate operating plan.
ASC Advisors’ Steve Bruce and Taylor Ingraham handle Light Street Capital.
FGS Global’s John Christiansen and Zachary Tramonti represented Zendesk in the H&F/Permira deal.