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Zendesk Investor Light Street Aims to Nix Takeover, Oust CEO

  • Firm says current $9.5 billion takeover offer is too low
  • Alternate proposal includes $4 billion to keep it independent
Zendesk Inc. Headquarters As Shares Falls Most In More Than Two Months
Photographer: David Paul Morris/Bloomberg
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A large Zendesk Inc. investor planning to vote against a planned takeover by private equity firms has proposed an alternative strategy that includes a $4 billion investment to keep the software company independent. 

Light Street Capital Management, which owns more than 2% of Zendesk, also wants the company to expand its board and replace Chief Executive Officer Mikkel Svane, who would remain chairman under the proposal.