Clearlake sticks to $71/shr offer for Blackbaud, urges strategic review
March 29 (Reuters) - Private equity firm Clearlake Capital on Wednesday reiterated a $71 per share offer for Blackbaud Inc (BLKB.O) that it had previously rejected and urged the cloud software firm to explore strategic alternatives.
Clearlake, the largest shareholder in Blackbaud with an 18.3% stake, has been persistently attempting to acquire the company in the last few months.
Responding to the latest offer that pegged it at about $3.8 billion, the firm said on Monday the proposal was "highly opportunistic and significantly undervalues Blackbaud."
Last year, Blackbaud adopted a shareholder rights plan or a so-called "poison pill" to protect itself from a takeover after the private equity firm said it was talking to the firm's management about evaluating alternatives.
"Many enterprise software companies have a challenging path forward in the current environment, and we believe the company's current challenges would be best addressed by exploring strategic alternatives via a formal process to maximize stockholder value," Clearlake said in a letter to the company on Wednesday.
Blackbaud did not immediately respond to a Reuters request for comment.
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