Jana Partners urges Zendesk to scrap deal for SurveyMonkey parent - WSJ (updated)

Momentive Global

30/11/2021 17:38

(Adds background, shares)
    Nov 30 (Reuters) - Activist investment firm Jana Partners
has urged software firm Zendesk Inc  ZEN.N  to abandon a deal it
recently struck to buy Momentive Global Inc  MNTV.O , the parent
of online survey portal SurveyMonkey, the Wall Street Journal
reported on Tuesday.
    Jana urged Zendesk's board to terminate the acquisition now
rather than wait months for a shareholder vote that appears
likely to fail, the Journal report https://www.wsj.com/articles/jana-partners-urges-zendesk-to-ditch-deal-for-surveymonkey-parent-11638291300?mod=latest_headlinesed,
 citing a letter sent by the activist investor.
    Zendesk in late October had agreed to buy Momentive in an
all-stock deal, which at the time was worth nearly $4 billion.
 urn:newsml:reuters.com:*:nL4N2RO5WH
    Jana Partners, Zendesk and Momentive Global did not
immediately respond to Reuters requests for comment.
    Jana has built a reputation for working collaboratively and
behind the scenes over the two decades since Barry Rosenstein
founded the company. 
    Zendesk shares were up 6.2% in afternoon trading, while
Momentive Global shares were up 1.1%.   
    Momentive, formerly named Survey Monkey, went public in
September 2018 at $12 per share. The San Mateo, California-based
company rebranded itself later to expand to a portfolio of
experience management services earlier this year.
    Zendesk, a customer service software vendor, has faced
tailwinds during the pandemic as its enterprise customers
accelerate digital transformation.

 (Reporting by Eva Mathews in Bengaluru; Editing by Ramakrishnan
M.)
 ((Eva.Mathews@thomsonreuters.com;))