Blackbaud rejects Clearlake offer which ‘undervalues the company’

In a regulatory filing last night, Blackbaud disclosed that on May 15, the company sent a letter on behalf of the board of directors of the company to Clearlake Capital in response to the non-binding indication of interest that Clearlake previously submitted on April 14. “The letter provides that after careful consideration, and in consultation with the company’s independent financial and legal advisors, the Blackbaud board has unanimously concluded that Clearlake’s indication of interest significantly undervalues the company and is not in the best interests of all Blackbaud stockholders,” the filing stated.