Zuora, Inc. (NYSE: ZUO)
Nationally recognized shareholder rights firm Julie & Holleman LLP is investigating the proposed $1.7 billion buyout of Zuora, Inc. (NYSE: ZUO) by private equity firm Silver Lake, in partnership with Singaporean investment firm GIC Pte. Ltd.
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Additional Information:
Zuora provides a leading monetization suite to build, run, and grow a modern business through a dynamic mix of usage-based models, subscription bundles, and everything in between. Zuora’s largest shareholder is Silver Lake, but its most powerful shareholder is founder, CEO, and Chairman of the Board Tien Tzuo, who controls approximately 40% of the company’s voting power.
On October 17, 2024, Zuora announced that it agreed to be acquired by Silver Lake and GIC for $10 per share, with Tzuo agreeing to “roll over” a majority of his stake into the company upon completion of the deal.
Julie & Holleman is concerned about the inadequacy of the $10 per share deal price. Wall Street analysts have established a high stock price target of $15 per share, the average price target is $11.83 per share, and Zuora’s stock traded above the deal price fewer than five months ago. Julie & Holleman is also concerned about conflicts of interest impacting the deal, as the two most influential shareholders may have misused their authority to push through a deal that is not in the shareholders’ best interests.