Zen office (NYSE: ZEN) is reportedly in talks to settle disputes between the customer support software company and activist investor Jana Partners, which could include the departure of chief executive Mikke Svane.
According to Wall street newspaper, the talks aim to end the discord between Zendesk (ZEN) and Jana, who owns just under 3% of Zendesk (ZEN) shares outstanding, and has been pushing for changes at the company for most of this year. Besides Svane, Carl Bass, Zendesk (ZEN) independent lead director, may be leaving the company under a truce with Jana.
Zendesk (ZEN) has been in a state of turmoil for some time since its shareholders rejected the company’s proposed $4.1 billion acquisition of Momentive Global, the parent company of SurveyMonkey.
Last week, shares of Zendesk (ZEN) took a beating when the company said it would remain independent after a strategic review of its options. This move appeared to end talks about selling the business. In February, Zendesk (ZEN) rejected a private equity offer to acquire the company for between $127 and $132 per share.
Zendesk (ZEN) rose more than 4% in after-hours trading on Tuesday after falling to a 52-week low of $56.93 per share in the regular market session.
On Monday, Morgan Stanley downgraded Zendesk (ZEN) to equal weight, largely due to the company’s decision to remain independent.