Clearlake makes non-binding bid of $80 a share for Blackbaud

Clearlake Capital Group on Sunday sent a letter to the Blackbaud board with a non-binding, sweetened bid to acquire Blackbaud for $80 a share about a year after its last approach was rebuffed by the cloud software provider. In a regulatory filing, Clearlake stated: “On April 14, 2024, the reporting persons delivered a letter to the (company’s) board which contained a non-binding proposal to acquire all of the outstanding shares of the (company’s) common stock for a price of $80.00 per share in cash. The reporting persons previously made a proposal on March 24, 2023 to acquire all of the outstanding shares of the (company’s) common stock for a price of $71.00 per share in cash. The reporting persons have retained Jefferies LLC, J.P. Morgan Securities LLC, Qatalyst Partners LP, and Rothschild & Co. as their financial advisors in connection with the April 2024 proposed transaction.”