Why Are Zendesk Shares Trading Higher When Major Indexes Are Down?

Significant Zendesk Inc (NYSE:ZEN) stakeholder Jana Partners have urged the software solutions provider to abandon its deal to acquire SurveyMonkey parent Momentive Global Inc (NASDAQ: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.

To add Benzinga News as your preferred source on Google, click here.