Zendesk Scraps Takeover of SurveyMonkey Parent Company Momentive

Zendesk Inc. confirmed it was terminating its takeover of SurveyMonkey’s parent company, Momentive Global Inc., after failing to garner the necessary support from its shareholders.

The proposal has come up against stiff opposition from shareholders in both software companies who questioned the merits of the deal. Momentive said in a statement that it received the requisite support from its own shareholders in a separate vote. But it added that it required the support of both shareholder bases to proceed and as a result the deal was terminated, confirming an earlier report by Bloomberg News.