CTXS - Citrix Systems drops amid Zendesk deal with PE consortium

Citrix Systems (NASDAQ:CTXS), which agreed to be sold to PE firms for $16.5 billion in late January, fell 2.3% amid the announcement of Zendesk's (NYSE:ZEN) deal to sell itself to a PE consortium at a price almost half of what it turned down in February. Investors are concerned about Citrix's (CTXS) planned sale to Elliott Management/Vista Equity and other leveraged buyout deals including Sailpoint Technologies (NYSE:SAIL) sale to Thoma Bravo after Zendesk agreed to a deal for $77.50 after the software company originally rejected a bid for the the company for between $127 and $132 a share in February. The price cut also follows a price reduction in Anaplan's sale to Thoma Bravo, which was cut to $63.75/share from $66 in cash earlier this month. The deal closed on Wednesday. Citrix (CTXS) saw some positive news on Tuesday when Dealreporter said financing and regulatory approvals are moving forward in the company's sale to Vista Equity and Elliott's Evergreen

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Citrix Systems drops amid Zendesk deal with PE consortium