{"id":140350,"date":"2021-09-30T23:36:18","date_gmt":"2021-09-30T23:36:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=140350"},"modified":"2021-09-30T23:36:18","modified_gmt":"2021-09-30T23:36:18","slug":"zoom-five9-mutually-agree-to-terminate-nearly-15-billion-all-stock-deal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/zoom-five9-mutually-agree-to-terminate-nearly-15-billion-all-stock-deal\/","title":{"rendered":"Zoom, Five9 mutually agree to terminate nearly $15 billion all-stock deal"},"content":{"rendered":"
FILE PHOTO: Small toy figures are seen in front of the Zoom logo in this illustration picture taken March 15, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/figcaption>

(Reuters) -Zoom Video Communications Inc\u2019s $14.7 billion deal to buy cloud-based call center operator Five9 Inc has been mutually terminated, the companies said on Thursday, scuttling the video conferencing platform\u2019s largest-ever acquisition.<\/p>\n

The development comes after proxy advisory firm Institutional Shareholder Services earlier this month recommended Five9 shareholders vote against the deal, citing growth concerns.<\/p>\n

\u201cThe agreement did not receive the requisite number of votes from Five9 shareholders to approve the merger with Zoom,\u201d San Ramon, California-based Five9 said.<\/p>\n

\u201cFive9 will continue to operate as a standalone publicly traded company.\u201d<\/p>\n

A U.S. Justice Department-led committee was also reviewing Zoom\u2019s proposed all-stock deal to buy Five9, according to a letter filed with U.S. regulators.<\/p>\n

The Aug. 27 letter filed with the Federal Communications Commission said the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector was reviewing to see if the deal \u201cposes a risk to the national security or law enforcement interests\u201d.<\/p>\n

Analysts had said the deal, Zoom\u2019s biggest to date, may be delayed by a U.S. Justice Department-led committee review but was unlikely to be scrapped.<\/p>\n

Five9 said it would continue the partnership with Zoom that was in place prior to the announcement.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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