Blackbaud Board Says Clearlake's $80/Share Offer Significantly Undervalues Company

BLACKBAUD INC

On May 15, 2024, Blackbaud board rejected Clearlake's April 14 non-binding offer of $80 per share in cash.
Board unanimously concluded that the $80/share offer significantly undervalues the company and is not in best interests of stockholders.
Board expressed confidence in ability to deliver 'significant, sustainable value' for stockholders far exceeding $80 per share.
Decision followed consultation with independent financial and legal advisors.

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