MNTV - MNTV STOCK NEWS

Momentive (NASDAQ: MNTV) announced a $200 million share repurchase program, promoting Priyanka Carr to Chief Operating Officer. The company has entered a cooperation agreement with Legion Partners, appointing Sagar Gupta to the Board of Directors. Momentive aims to enhance customer-centric innovation, streamline market positioning, and drive customer expansion. For Q1 2022, it expects revenues of $114.5 to $116.5 million with a non-GAAP operating margin of approximately -1%. The company also highlighted governance changes and plans for an investor day in Q2 2022.

Momentive Global (NASDAQ: MNTV) announced the termination of its merger agreement with Zendesk after receiving the necessary shareholder votes for the transaction, while Zendesk did not. CEO Zander Lurie expressed disappointment but emphasized confidence in Momentive’s strategy and product portfolio. He highlighted the company’s commitment to driving shareholder value. Momentive is a leader in agile experience management, servicing 345,000 organizations globally with a focus on enhancing human experiences through technology.

Zendesk has terminated its merger agreement with Milky Way Acquisition Corp. and Momentive Global Inc. due to lack of stockholder approval at a meeting held on February 25, 2022. CEO Mikkel Svane expressed respect for shareholders' perspectives and emphasized Zendesk's strong business performance, noting a 30% revenue growth in 2021, reaching $1.34 billion. The company aims for $3.4 billion in revenue by 2025, with 38% of its business now from accounts over $250,000 in annual revenue. Zendesk continues to focus on enterprise growth and enhancing customer experiences.

JANA Partners LLC stated that Zendesk shareholders are likely to reject the proposed acquisition of Momentive (MNTV), which they believe would benefit Zendesk (ZEN) shareholders significantly. The firm criticized Zendesk's board for prioritizing the acquisition despite a notable drop in stock value and shareholder dissent. JANA highlighted that the board's actions led to a decline in credibility and wasted shareholder resources, suggesting that Zendesk either needs major board changes or should consider selling itself to interested buyers.

TIG Advisors, LLC, which holds about 1.5 million shares of Zendesk (NYSE: ZEN), announced its intent to vote "AGAINST" Zendesk's proposed acquisition of Momentive Global Inc. (NASDAQ: MNTV) at the upcoming Special Meeting on February 25, 2022. The firm criticized the transaction, citing a significant negative market reaction, including an 18% stock drop on the announcement date and additional declines thereafter. They emphasize a disconnect between Zendesk's leadership and shareholder interests, urging the Board to reconsider the acquisition and consider new board nominations to align with shareholders.

Momentive Global (NASDAQ: MNTV) announced a recommendation from its Board of Directors to support the proposed transaction with Zendesk, urging stockholders to vote 'FOR' at the Special Meeting on February 25, 2022. The Board believes this combination will maximize value for stockholders, with the backing of Institutional Shareholder Services (ISS). Momentive's stockholders would own approximately 22% of a larger, more profitable entity expected to generate $4.6 billion in revenue by 2025, demonstrating significant value enhancement through a 30% premium on current exchange ratios.

Momentive (NASDAQ: MNTV) reported strong Q4 and full-year 2021 results, with total revenue of $117.3 million in Q4, up 16% year-over-year, and full-year revenue of $443.8 million, an 18% increase. Enterprise sales revenue surged 34% year-over-year in Q4, totaling $40 million, while the total enterprise customer base grew to approximately 11,900. However, the company reported a GAAP net loss of $41.5 million for Q4 and $123.2 million for the full year. Despite promising growth metrics, Momentive will not host a conference call due to its pending acquisition by Zendesk.

JANA Partners LLC has sent a letter to the Board of Directors of Zendesk (NYSE: ZEN), criticizing the company's justification for acquiring Momentive (NASDAQ: MNTV). The letter emphasizes that Zendesk's arguments in favor of the acquisition are fundamentally flawed, suggesting that the market has expressed disapproval of the transaction. JANA Partners argues that pursuing the Momentive acquisition is not the right direction for Zendesk's future. For more details, the full letter is available on JANA's website.

JANA Partners LLC has communicated concerns to Zendesk's Board regarding the justification of its acquisition of Momentive (MNTV), highlighting significant flaws in Zendesk's rationale. The investor believes the proposed transaction is misguided and does not align with market expectations. JANA's letter suggests that the acquisition path may not be favorable for Zendesk's future strategy.