Zendesk Inc investors rejected a proposed takeover of SurveyMonkey parent Momentive Global (MNTV.O), so it has terminated the merger agreement.”While we were excited by the potential of this transaction to transform the customer experience and create stockholder value, we respect and appreciate the perspectives of our stockholders,” Zendesk founder and Chief Executive Officer Mikkel Svane said in a statement. Shareholders objecting to the proposed merger included the Florida state pension fund and Jana Partners, which has nominated four directors to the board of Zendesk (ZEN.N), arguing the company must be rehabilitated after the unpopular attempt to buy Momentive Global (MNTV.O), parent of web-survey company SurveyMonkey, according to a regulatory filing.

Shareholders are also frustrated because Zendesk rebuffed an approximately $17 billion bid from a consortium of private equity firms looking to acquire the customer service software company.

Zendesk investors reject deal to buy SurveyMonkey parent | Reuters