Zendesk Won’t Face Claims Over Sale Amid Pressure From Jana

The Delaware Court of Chancery on Wednesday dismissed claims that Zendesk Inc.‘s former senior leaders arranged its $10.2 billion take-private sale to save face amid Jana Partners LLC’s campaign to oust them.

Investors alleged that the $77.50-per-share deal in November 2022 fell significantly below other offers that Zendesk rejected. They said the transaction reflected a desperate effort to escape a proxy fight after Jana, run by billionaire Barry Rosenstein, put up an investor revolt to undermine Zendesk’s proposed $3.8 billion deal for SurveyMonkey parent Momentive Global Inc.

A last-minute bid led from a private equity group led by Hellman ...