InsideArbitrage Potential Deal Alert: Clearlake Renews Pursuit of Software Firm Blackbaud (BLKB)

POTENTIAL DEAL DETAILS

According to Bloomberg, Clearlake Capital Group LP is exploring a renewed effort to take Blackbaud (BLKB) private, roughly a year after its last approach was rebuffed by the cloud software provider.

Blackbaud Investor Relations

Update(s):

April 15, 2024: Clearlake Capital Group LP has made a sweetened bid to acquire Blackbaud (BLKB) offering $80 a share. Clearlake Capital aims to complete due diligence and sign a definitive agreement within approximately four weeks.

Proposal Letter

May 15, 2024: Blackbaud (BLKB) rejected Clearlake’s proposed offer, saying that Clearlake’s indication of interest significantly undervalues the company and is not in the best interests of all Blackbaud stockholders.

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