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Big Law

Shareholders Reject the $14.7 Billion Zoom and Five9 Acquisition

Zoom’s agreement to buy cloud contact center software company Five9 was scuttled on Thursday, after Five9 shareholders rejected the deal.

Zoom said in July that it was acquiring Five9 in an all-stock purchase for $14.7 billion, its first billion-dollar-plus purchase and, at the time, the second-biggest tech deal of the year. The company has now lost an opportunity to quickly broaden its capabilities after its stock rallied during the coronavirus pandemic.

Five9 shares fell 2% in extended trading following the statement from the companies.

Read the source article at cnbc.com

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