In the latest development, Blackbaud (NASDAQ: BLKB) has received an unsolicited, non-binding proposal from Clearlake Capital Group, L.P. to acquire all outstanding shares of Blackbaud for $80.00 per share in cash. This move has prompted the Blackbaud board of directors to carefully evaluate the proposal in line with their fiduciary duties and in consultation with independent financial and legal advisors.
Blackbaud, a leading software provider dedicated to powering social impact, serves the nonprofit and education sectors, companies committed to social responsibility, and individual change makers. The company's essential software is designed to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility, and education management. Notably, Blackbaud's solutions see millions of users and facilitate over $100 billion raised, granted, or managed through its platforms annually.
As of now, Blackbaud stockholders are not obliged to take any action, and the board of directors will determine the course of action that they believe is in the best interest of the company and all Blackbaud stockholders.
Blackbaud has been recognized for its performance, having been named to Newsweek’s list of America’s most responsible companies, Quartz’s list of best companies for remote workers, and Forbes’ list of America’s best employers. The company operates as a remote-first entity, with operations in the United States, Australia, Canada, Costa Rica, and the United Kingdom, and supports users in over 100 countries.
As this story unfolds, investors and stakeholders will be keen to see how Blackbaud's financial performance evolves in response to this proposal and subsequent decisions made by the board of directors. Today the company's shares have moved 3.1% to a price of $79.13. If you want to know more, read the company's complete 8-K report here.
