Clearlake Capital Amends Blackbaud Stake Filing
Ticker: BLKB · Form: SC 13D/A · Filed: Apr 15, 2024 · CIK: 1280058
Sentiment: neutral
Topics: 13D-filing, amendment, stakeholder-update
Related Tickers: BLKB
TL;DR
Clearlake Capital filed an update on their Blackbaud stake. No major changes detailed, but they're still watching.
AI Summary
Clearlake Capital Group, L.P. has amended its Schedule 13D filing regarding Blackbaud Inc. as of April 15, 2024. This amendment, the fourth, indicates a change in beneficial ownership. The filing does not specify new dollar amounts or exact share changes but signifies ongoing activity by Clearlake Capital Group in Blackbaud.
Why It Matters
This filing indicates continued strategic interest and potential influence by a significant investment firm in Blackbaud, which could impact the company's future direction or shareholder value.
Risk Assessment
Risk Level: medium — Amendments to 13D filings often signal potential activist investor activity or significant shifts in ownership, which can introduce uncertainty and volatility.
Key Players & Entities
- Clearlake Capital Group, L.P. (company) — Filing entity
- Blackbaud Inc. (company) — Subject company
- Behdad Eghbali (person) — Group member of Clearlake Capital
- Jose Enrique Feliciano (person) — Group member of Clearlake Capital
- John Cannon (person) — Authorized contact for Clearlake Capital
FAQ
What specific changes in beneficial ownership are detailed in this Amendment No. 4 to the Schedule 13D filing?
The filing states it is an amendment to the Schedule 13D but does not specify the exact percentage or number of shares acquired or disposed of in this particular amendment.
What is the filing date and the date of the event requiring this filing?
The filing was made as of April 15, 2024, and the date of the event requiring the filing is also April 14, 2024.
Who are the principal individuals associated with Clearlake Capital Group, L.P. mentioned in this filing?
Behdad Eghbali and Jose Enrique Feliciano are listed as group members.
What is the business address and phone number for Blackbaud Inc. as listed in the filing?
Blackbaud Inc.'s business address is 65 Fairchild Street, Charleston, SC 29492, and the business phone number is 843-216-6200.
What is the CUSIP number for Blackbaud Inc.'s Common Stock?
The CUSIP number for Blackbaud Inc.'s Common Stock is 09227Q100.
Filing Stats: 1,672 words · 7 min read · ~6 pages · Grade level 13.1 · Accepted 2024-04-15 06:01:44
Key Financial Figures
- $0.001 — Inc. (Name of Issuer) Common Stock, $0.001 par value (Title of Class of Securiti
- $80.00 — he Issuer's Common Stock for a price of $80.00 per share in cash (the "April 2024 Prop
- $71.00 — he Issuer's Common Stock for a price of $71.00 per share in cash (as described in Amen
Filing Documents
- ef20026924_sc13da.htm (SC 13D/A) — 90KB
- ef20026924_ex99-5.htm (EX-99.5) — 17KB
- logo1.jpg (GRAPHIC) — 4KB
- 0001140361-24-019714.txt ( ) — 115KB
of the Schedule 13D is hereby amended and supplemented as follows
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On April 14, 2024, the Reporting Persons delivered a letter to the Issuer's Board which contained a non-binding proposal (the "April 2024 Proposal") to acquire all of the outstanding shares of the Issuer's Common Stock for a price of $80.00 per share in cash (the "April 2024 Proposed Transaction"). The Reporting Persons previously made a proposal on March 24, 2023 to acquire all of the outstanding shares of the Issuer's Common Stock for a price of $71.00 per share in cash (as described in Amendment No. 2, filed March 27, 2023). The Reporting Persons have retained Jefferies LLC, J.P. Morgan Securities LLC, Qatalyst Partners LP, and Rothschild & Co. as their financial advisors in connection with the April 2024 Proposed Transaction. The Reporting Persons intend to engage in discussions with the Issuer regarding the terms of the April 2024 Proposed Transaction. The Reporting Persons may change the terms of the April 2024 Proposed Transaction, determine to accelerate or terminate discussions with the Issuer with respect to the April 2024 Proposed Transaction, withdraw the April 2024 Proposed Transaction, take any action to facilitate or increase the likelihood of consummation of the April 2024 Proposed Transaction, or change their intentions with respect to any such matters, in each case at any time and without prior notice. The Reporting Persons and their affiliates will, directly or indirectly, take such additional steps as they may deem appropriate to further the April 2024 Proposed Transaction or otherwise to support their investment in the Issuer, including, without limitation: (i) engaging in discussions with other stockholders, potential sources of financing, advisors, and other relevant parties and (ii) entering into confidentiality arrangements, financing commitments, and other agreements, arrangements and understandings in connection with the April 2024 Proposed Transaction. While the
of the Schedule 13D is hereby amended and supplemented as follows
Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 4 of this Amendment No. 4 is incorporated by reference herein. Item 7. Material to be Filed as Exhibits.
of the Schedule 13D is hereby amended and supplemented as follows
Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 99.5 Letter to the Board of Directors of Blackbaud, Inc., dated April 14, 2024 SCHEDULE 13D CUSIP No. 09227Q100 Page 7 of 7 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: April 15, 2024 Clearlake Capital Group, L.P. By: /s/ John Cannon Name: John Cannon Title: Attorney-in-Fact Jos Enrique Feliciano By: /s/ John Cannon Name: John Cannon Title: Attorney-in-Fact Behdad Eghbali By: /s/ John Cannon Name: John Cannon Title: Attorney-in-Fact Attention: Intentional misstatements or omissions of fact constitute federal violations (see 18 U.S.C. 1001).