Blackbaud Rises on Clearlake Bid, Baird Sees Offer as a Floor

(Adds Monday trading and comments from Baird.)

Blackbaud shares are up 3.2% on Monday, after Clearlake Capital delivered a letter to the board of the cloud software company to acquire all outstanding shares for $80 per share in cash.

• Read more: Clearlake Sweetens Blackbaud Bid to $4.1 Billion After Rebuff
• Baird writes that the offer could be “setting a potential floor near-term,” as “the improved financial profile of BLKB may warrant a higher takeout price”
  • “Given the overall growth and execution challenges the company has had, and given concerns around product and unit growth versus price increases, we do not ...