- Significant Zendesk Inc ZEN stakeholder Jana Partners have urged the software solutions provider to abandon its deal to acquire SurveyMonkey parent Momentive Global Inc MNTV, the Wall Street Journal reports.
- Jana urged Zendesk's board to terminate the acquisition now rather than wait months for a shareholder vote that appears likely to fail.
- The Momentive deal "lacks financial merit, has questionable strategic logic, and introduces a high degree of execution risk for Zendesk shareholders," Jana said.
- The activist added that it plans to vote its shares against the issuance of Zendesk stock required to pay for the deal and could seek to replace board members.
- Related Content: Zendesk Agrees To Acquire Momentive Global At 14% Premium
- Price Action: ZEN shares traded higher by 6.74% at $101.52 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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