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Zoom Video Communications Inc. and Five9 Inc. called off their multibillion-dollar merger Thursday, after Five9 shareholders voted against a deal that was being investigated by the U.S. Department of Justice.
Five9
FIVN,
announced Thursday afternoon that the merger with Zoom
ZM,
had been terminated “by mutual agreement,” after Five9’s shareholders failed to approve the deal in a vote. Institutional Shareholder Services Inc. told Five9 investors to vote against the $14.9 billion all-stock deal because a downturn in volatile Zoom stock had decreased the offer.
