MNTV - Momentive gains after report of other bidder before Zendesk deal

Momentive (NASDAQ:MNTV) neared session highs, up 0.7%, after a report that private equity firm Permira had made all-cash bid for the company before it agreed to a deal with Zendesk (NYSE:ZEN). Permira isn't expected to continue pursing a deal, according to traders, who cited a Bloomberg report. It wasn't know how much Permira bid for Momentive, the parent of SurveyMonkey. The news comes as both Momentive (MNTV) and Zendesk investors appeared to be initially against the deal, sending shares of Zendesk down when the news was released. Bloomberg reported last week that Legion Partners was said to oppose the combination. Recall late last month, Zendesk plunged after Momentive acquisition starts slew of downgrades. Zendesk (ZEN) is expected to defend the deal at its investor event on Nov. 18.

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Momentive gains after report of other bidder before Zendesk deal