By the Investing.com staff

According to recent reports, the takeover of private equity was in doubt. Zendesk, Inc. is currently not being sold.

Zendesk shares dropped 9% Thursday morning after the company announced it had completed its strategic options review and that it was determined by its board to remain an independent public company.

CNBC’s David Faber said yesterday that it was less likely than expected because “club” deals, which involve multiple private equity companies, are sometimes difficult to negotiate. In this instance, however, the partners had “put the pen down.”

Zendesk declined a $1.6 billion private equity consortium offer in February. Zendesk rejected Momentive Global, SurveyMonkey’s parent company, at the exact same moment shareholders also voted against Zendesk.

SurveyMonkey was a controversial deal that attracted investors, such as JANA Partners, to the stock. They eventually pushed for Zendesk’s selling.

JANA threatened legal action against the company yesterday, if JANA didn’t organize their annual meeting. JANA did. This year’s record shareholders date will be Wednesday, August 17, 2022 at 8 a.m.

JANA intends to elect four independent directors. JANA said absent a significant boardroom change to restore Zendesk’s credibility, the Company must be sold.