Zoom and cloud company Five9 abandons $ 14.7 billion in transactions
The bid for Zoom Video Communications to acquire cloud software provider Five9 shortly after the U.S. Department of Justice raised national security concerns about the $ 14.7 billion transaction and advised shareholders to oppose the acquisition by a strong agency group. It collapsed.
The two companies announced on Thursday that they have decided to terminate the deal following a shareholders’ meeting hosted by Five9. Meanwhile, the majority of investors said they were against the deal.
“Since the announcement of the transaction, we have had the opportunity to interact extensively with our shareholders. We appreciate the feedback and confidence in the future outlook for Five 9 and share our views on the great potential of value creation as an independent company.” Rowan Trollope, Chief Executive Officer of Five 9, said.
The decision to end the acquisition is a blow to Zoom, which wants to expand its offering following the huge success of the video conferencing service during the pandemic. The deal with Five9, the largest acquisition to date, was hampered by slumping stock prices and regulatory concerns.
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Biden Inks Temporary U.S. Financing Agreement
President Joe Biden signed a temporary agreement on Thursday night to avoid the closure of the US government, giving the government nine weeks to avoid defaults.
The bill will extend government funding until December 3, suspend debt restrictions until December 17, and avoid the government’s closure that should have started on Friday.
The bill was passed by both parliaments early Thursday. However, there are no long-term provisions for raising the debt cap.
The bill came as a result of weeks of controversy between Democrats and Republicans over raising limits on the amount of debt the federal government can underwrite. Efforts to raise and then suspend debt caps on Monday and Tuesday were thwarted by Senate Republicans.
Treasury Secretary Janet Yellen said there was a risk of running out of funds if the United States did not raise the cap by October 18.
The day before …
Eurozone inflation Inflation data for September due today High price for the first time in 13 yearsIt was boosted by soaring energy costs and strong demand when the economy resumed.
Japan unemployment rate August unemployed numbers will be released today. Prime Minister Yoshihide Suga was able to keep the unemployment rate relatively low during the pandemic by supporting economic policies for businesses. His successor, Fumio Kishida, will be tested in this regard.
Manufacture of PMI All gauges for manufacturing activities in Spain, Italy and the UK in September will be released today. UK manufacturing is expected to continue expanding, but at a slower pace than in August.
Other UK data The National Bureau of Statistics today releases quarterly business investment, second quarter balance of payments, quarterly economic accounting, and quarterly consumer trend data.
Weekends will see the beginning of Britain Black History Month Beginning with Conservative Party meeting.
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