Blackbaud surges on buyout proposal from Clearlake Capital Group

Blackbaud

27/03/2023 12:33

** Shares of Cloud Software firm Blackbaud Inc.  BLKB.O 
rise 20.2% to $69.51 premarket
    ** BLKB receives non-binding proposal from Clearlake Capital
Group LP to buy all of its outstanding shares at $71.00 per
share in cash
    ** Clearlake owns 18.3% equity stake in co, as of March 24,
2023  
    ** Clearlake also urges BLKB board to undertake strategic
review process 
    ** All six brokerages tracking the stock rate it "hold" or
lower; their median PT is $60.00
    ** BLKB has fallen 1.75%, as of last close; down 25.47% in
2022 

 (Reporting By Akshita Toshniwal)
 ((Akshita.Toshniwal@thomsonreuters.com))