Why Blackbaud (BLKB) Shares Are Trading Higher Today - Blackbaud (NASDAQ:BLKB)

Blackbaud, Inc BLKB shares gained close to 16% premarket over reports of a possible takeover offer.
However, after reviewing the offer, Blackbaud's board rejected the non-binding proposal from Clearlake Capital Group, L.P., to acquire all of the company's outstanding shares for $71.00 per share in cash.
Following this comprehensive review, the board unanimously determined that the proposal was highly opportunistic and significantly undervalued Blackbaud.
Also Read: Blackbaud To Pay $3M Penalty To Settle SEC Charges For Misleading Disclosures Pertaining To 2020 Ransomware Attack
As such, the board determined that the Clearlake proposal is not an appropriate basis for engagement and is not in the best interest of stockholders.
The takeover offer implied a 22.8% premium to Blackbaud's Friday closing price of $57.83.
The per-share bid would value Blackbaud at about $3.78 billion.
Clearlake owned 9.75 million Blackbaud shares, or 18.3% of the shares outstanding.
In February, Blackbaud reported fourth-quarter revenue growth of 10.8% year-on-year to $274.8 million, missing the consensus of $278.2 million.
Adjusted EPS of $0.68 beat the consensus of $0.60.
Price Action: BLKB shares traded higher by 15.4% at $66.75 premarket on the last check Monday.

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Why Blackbaud Shares Are Trading Higher Today