Stifel notes that according to news reports, Clearlake — Blackbaud’s largest shareholder — is in the process of speaking with advisors about a potential bid for the company. As a reminder, Clearlake put in a bid to acquire the company in March 2023, with that offer being rejected by the Board. Considering the recent termination of the company’s poison pill, the firm isn’t surprised to see the major shareholder potentially coming back to the table. Stifel maintains a Hold rating on Blackbaud with a price target of $75 on the shares.
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