MNTV - Legion said to prepare proxy fight at Momentive Global over Zendesk deal

Activist Legion Partners Asset Management is said preparing to nominate a slate of third directors to Momentive Global's (NASDAQ:MNTV) board as its opposed to the SurveyMonkey parent's sale to Zendesk (NYSE:ZEN). Legion is expected to put up a slate of directors as it believes Momentive's (MNTV) sale to Zendesk (ZEN) is likely to fail, according to traders, who cited a Bloomberg report. Zendesk shares rose 1.1%, while Momentive fell 0.7%. The report comes after leading proxy advisory firms ISS and Glass Lewis earlier recommended that Zendesk holders vote against the planned purchase of Momentive. Glass Lewis also recommended that Momentive holders vote against the transaction, according to an earlier Bloomberg report. On Thursday, Zendesk confirmed it had rejected of an unsolicited bid from a consortium of private equity firms to buy Zendesk for $127-$132/share. The proxy adviser recommendations come as shareholders from both companies have come out Zendesk's planned purchase of SurveyMonkey parent Momentive

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Legion said to prepare proxy fight at Momentive Global over Zendesk deal