- Customer engagement software solutions portfolio provider Zendesk, Inc (NYSE:ZEN) is exploring settlement options with activist investor Jana Partners LLC, days after the software company failed to divest itself, the Wall Street Journal reports.
- The truce could call for the exit of CEO Mikkel Svane and director Carl Bass.
- Bass, the former CEO of Autodesk Inc (NASDAQ:ADSK), is Zendesk’s lead independent director and chair of the board’s compensation committee.
- Also Read: Why Zendesk Shares Are Falling Today
- In February, a group of private-equity firms offered to takeover Zendesk at a valuation of $17 billion. Zendesk’s was worth $7 billion based on June 14 closing price.
- Zendesk’s shareholders subsequently vetoed its planned acquisition of SurveyMonkey parent Momentive Global Inc (NASDAQ: MNTV) under a $4.1 billion deal.
- Jana, who owned a 2.5% Zendesk stake, had slammed the Momentive deal and nominated four directors to Zendesk’s board. The activist could still run a proxy fight if the settlement talks fail.
- Jana urged Zendesk to set a date for its annual meeting before the June deadline and was ready to take legal action if required. Zendesk scheduled the meeting for August 17.
- Price Action: ZEN shares traded higher by 0.86% at $57.50 in the premarket on the last check Wednesday.
