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 Clearlake Capital Group, whose bid for Blackbaud was rejected last month, said the nonprofit software company did not seek clarification of its $71-per-share bid.  In a statement filed with the SEC at the end of March. And in general, Clearlake said Blackbaud won't discuss its offer.

“over the past few months, we have attempted unsuccessfully to engage with the Company’s management repeatedly in a constructive discussion regarding our interest in making a proposal to acquire the Company.  In each of these instances, we were informed that the Company did not believe it was an appropriate time to engage in a strategic discussion,” according to the filing. Clearlake, which owns 18 percent of Blackboard’s common shares, disputed the Blackbaud board’s picturing its proposal as lacking critical details. “Neither the Board nor its advisors sought to engage with us at any point to clarify any details of our proposal that the Board deemed to be lacking, or ask us any questions about our proposal. Notwithstanding, we can confirm the following for the Board’s consideration,” Clearlake wrote. The firm described itself as holding twice as many shares as the next largest investor. Clearlake rejected the characterization of its proposal as a “Stalking Horse bid”. It also said its offer price, “significantly exceeds the 12-month target price set by every sell-side stock analyst covering the Company.”  The bidder says it has a bank letter for upt 50 100 percent of the necessary debt financing.


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