Jana Seeks Board Changes Or Sale For Zendesk

Activist investor Jana Partners asked Zendesk Inc ZEN to institute significant board changes or a sale following the failed bid for SurveyMonkey parent Momentive Global Inc MNTV.
Jana claimed that Zendesk's board received the lowest level of deal-related shareholder support in the last 20 years for its planned acquisition of Momentive.
"This unprecedented rejection of the board's most consequential strategic decision in recent memory comes as no surprise, as we believe it was obvious the Momentive acquisition was flawed from the start," Barry Rosenstein, Jana's managing partner, said.
Related Content: Momentive Announces Termination of Zendesk Transaction
"We believe it could not be any clearer that Zendesk's board is disengaged and totally out of touch with shareholder priorities, lacks the requisite skillset to govern the company on their behest and/or simply does not care enough to consider them."
Price Action: ZEN shares traded higher by 0.32% at $115.86 on the last check Monday.