Blackbaud Rejects Clearlake’s $71 Per Share Acquisition Offer; Our FVE Unchanged at $66

On March 27, Blackbaud rejected a buyout offer from Clearlake Capital (received on March 24) for $71 per share, representing a 23% premium to the closing price. Blackbaud stated that its board unanimously agreed that it significantly undervalues the company. This comes after Clearlake Capital first disclosed its ownership of Blackbaud shares in October 2022, as the investment firm holds an 18% stake and has been evaluating avenues for its future investments in the company.