- Blackbaud, Inc (NASDAQ:BLKB) shares gained close to 16% premarket over reports of a possible takeover offer.
- However, after reviewing the offer, Blackbaud’s board rejected the non-binding proposal from Clearlake Capital Group, L.P., to acquire all of the company’s outstanding shares for $71.00 per share in cash.
- Following this comprehensive review, the board unanimously determined that the proposal was highly opportunistic and significantly undervalued Blackbaud.
- Also Read: Blackbaud To Pay $3M Penalty To Settle SEC Charges For Misleading Disclosures Pertaining To 2020 Ransomware Attack
- As such, the board determined that the Clearlake proposal is not an appropriate basis for engagement and is not in the best interest of stockholders.
- The takeover offer implied a 22.8% premium to Blackbaud’s Friday closing price of $57.83.
- The per-share bid would value Blackbaud at about $3.78 billion.
- Clearlake owned 9.75 million Blackbaud shares, or 18.3% of the shares outstanding.
- In February, Blackbaud reported fourth-quarter revenue growth of 10.8% year-on-year to $274.8 million, missing the consensus of $278.2 million.
- Adjusted EPS of $0.68 beat the consensus of $0.60.
- Price Action: BLKB shares traded higher by 15.4% at $66.75 premarket on the last check Monday.
Roth MKM Maintains Neutral on PENN Entertainment, Raises Price Target to $35
Roth MKM analyst Edward Engel maintains PENN Entertainment (NASDAQ:PENN) with a Neutral and raises the price target from $33 to $35.
