Blackbaud (NASDAQ:BLKB), a prominent software company based in Charleston, South Carolina, announced that it received and subsequently rejected an unsolicited purchase offer from Clearlake Capital Group.

The official response, dated May 15, 2024, highlighted the board's unanimous decision, emphasizing that the proposal, which suggested buying Blackbaud at $80 per share, substantially undervalues the company.

This decision reflects the board's confidence in Blackbaud's business plan and its potential to generate greater value for its stockholders beyond the offer's terms.