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Blackbaud rejects Clearlake Capital’s bid to buy the philanthropy software developer

Good morning, Hubsters. MK Flynn here.

It’s a dramatic morning, as we watch closely to see whether or not a take-private of philanthropy software developer Blackbaud will come about.

Earlier this morning, Clearlake Capital filed a 13D about the proposal it made on Friday to acquire all of the outstanding shares in the software maker for $71.00 per share in cash, giving the company an enterprise value of $4.8 billion.

But then later this morning, Blackbaud issued a press release saying it was rejecting the bid: “The board unanimously determined that the proposal is highly opportunistic and significantly undervalues Blackbaud,” said the statement.

Take-private time

Despite the challenging economy and the Silicon Valley Bank drama, March has been filled with private equity-backed take-private deal announcements:

• Silver Lake and Canada Pension Plan Investment Board said they are buying customer experience management software developer Qualtrics for $12.5 billion. 

• Apollo agreed to buy specialty chemical and ingredient distributor Univar for $8.1 billion, including debt.

• Blackstone said it would buy events tech provider Cvent from Vista for $4.6 billion.

We’ll be watching all of these developments, with more to share tomorrow.

Until then, happy dealmaking,

MK

Read the full wire commentary on PE Hub ...

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