Blackbaud Inc said on Monday its largest shareholder, Clearlake Capital, had offered to take the company private in a deal that valued the software firm at $3.78 billion.
Shares in South Carolina-based Blackbaud rose about 20 per cent in trading before the bell, slightly below the offer price of $71. Clearlake Capital, with about $70 billion in assets under management, made an initial investment in Blackbaud in 2020 and currently has an 18.3 per cent stake. "Assuming the company conducts a thorough evaluation of strategic alternatives, Clearlake would also be willing to support a superior proposal in a transaction that maximizes value for all of the company’s stockholders," Santa Monica, California-based Clearlake said in a letter dated March 24.
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