Zendesk rallies on report Jana urges co to scrap SurveyMonkey parent acquisition

Momentive Global

30/11/2021 19:43

** Shares of software services firm Zendesk Inc  ZEN.N  up
6.4% at $101.24 on Tues after Wall Street Journal reports Jana
Partners urged co to abandon deal to buy Momentive Global Inc
 MNTV.O , parent of online survey portal SurveyMonkey
    ** Jana urged ZEN's board to terminate acquisition now
rather than wait months for a shareholder vote that appears
likely to fail, WSJ reports, citing letter sent by the activist
investor  urn:newsml:reuters.com:*:nL4N2SL42V
    ** ZEN a month ago had agreed to buy MNTV in all-stock deal
worth about $4 bln at the time  urn:newsml:reuters.com:*:nL4N2RO5WH
    ** MNTV's stock on Tues down 2.8% at $20.50
    ** MNTV shareholders to receive 0.225 shares of ZEN's stock
for each MNTV share, which implied value of about $28/sh at the
time of the deal announcement
    ** With move on Tues, ZEN's shares off 29% YTD for roughly
$12 bln market cap, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))