(Reuters) – Zendesk Inc said on Thursday the proposal made by investor Light Street Capital Management was not superior to its $10.2 billion deal with Hellman & Friedman and Permira to go private.
In a letter to the board on Monday, Light Street proposed a recapitalization of the business, consisting of a $2 billion preferred equity investment arranged by Light Street and a $2 billion incremental debt facility.
The investment firm also suggested that the company issue a $5 billion tender offer at $82.50 per share for shareholders who would like to sell their shares.
(Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber)
