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Clearlake Capital Submits Non-binding Proposal To Acquire Blackbaud For $71/Shr Cash
(RTTNews) - Clearlake Capital Group, L.P. announced Monday that it has submitted a non-binding proposal for Clearlake to acquire all of the outstanding shares of cloud software platform Blackbaud, Inc. (BLKB) for $71.00 per share in cash. Clearlake is Blackbaud's single largest stockholder
The offer price per share represents an immediate and substantial premium of 57.7% to the unaffected share price of $45.01 as of the market close on October 3, 2022, the date on which Clearlake filed its Schedule 13D.
Clearlake also supports and encourages Blackbaud and its Board of Directors to undertake a thorough strategic review process with the assistance of its selected advisors, which it anticipates would culminate in a sale transaction to a strategic or financial partner and would maximize stockholder value.
Assuming Blackbaud conducts a thorough evaluation of strategic alternatives, Clearlake said it would also be willing to support a superior proposal in a transaction that maximizes value for all of the Company's stockholders.
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