Clearlake offers to acquire Blackbaud for $80 per share in cash
In a filing, it was shown that the firm had raised its offer for the cloud software business from the $71 per share offer it made in March last year.
"However, despite the management team's determined best efforts, we must acknowledge that the company continues to face substantial operational challenges that require transformational change and investment over many years," wrote Clearlake."We believe these challenges can practically only be addressed as a private company with the support of a strategic party or sponsor, such as Clearlake, that can provide the necessary financial and institutional support.
The new offer represents a premium of approximately 23% and 22% to the three-year and five-year volume-weighted average share prices of $65.29 and $65.82, respectively, as of the market close on April 12, 2024.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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