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Zendesk (NYSE:ZEN) holder TIG Advisors stated it plans to vote in opposition to the corporate’s deliberate buy of Survey Monkey father or mother Momentive International (NASDAQ:MNTV) at a holder vote subsequent Friday.
TIG Advisors owns about 1.5M shares of Zendesk, based on a press release.
“With the vote somewhat over every week away, we really feel it now represents greater than only a rejection of the Momentive transaction, however a referendum on the present management and path of Zendesk,” TIG Advisors portfolio supervisor Drew Figdor wrote in a letter to the ZEN board.
The TIG feedback come after a number of buyers and main proxy advisory corporations have really helpful Zendesk holders vote in opposition to the MNTV deal. Zendesk (ZEN) final week rejected an “unsolicited” bid from a consortium of personal fairness corporations to amass Zendesk in an all-cash transaction valued between $127 and $132 per share.
On Wednesday ZEN stated it acquired discover from hedge fund JANA Companions to appoint 4 administrators to its board of administrators.
“We observe the board nominations by Jana Companions, and imagine it’s in the most effective pursuits of the corporate and its shareholders, that the Board keep away from a monthslong proxy battle, and as a substitute instantly set up people to the board who share a standard imaginative and prescient with Zendesk’s shareholders,” TIG’s Figdor added within the letter.
Final week, Zendesk ticks decrease amid Wolfe downgrade to look carry out.
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