Clearlake Capital Group, L.P. made a proposal to acquire remaining 81.7% stake in Blackbaud, Inc. (NasdaqGS:BLKB) from José Enrique Feliciano, Behdad Eghbali and others for $3.3 billion on March 24, 2023. As reported, Clearlake Capital will acquire remaining shares of Blackbaud for $71.00 per share in cash. The proposal is subject to completion of satisfactory due diligence, execute definitive documentation, subject to the receipt of all other necessary or appropriate consents and approvals from third parties. On March 27, 2023, the Board of directors of Blackbaud unanimously rejected proposal from Clearlake Capital. The Board conducted a review of the proposal, in consultation with independent financial and legal advisors and against the Board's recently completed internal analysis. Following this comprehensive review, the Board unanimously determined that the proposal is highly opportunistic and significantly undervalues Blackbaud. 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. On April 14, 2024, Blackbaud confirmed that it has received an unsolicited, non-binding proposal from Clearlake Capital Group, L.P to acquire all of the outstanding shares of Blackbaud for $80.00 per share in cash resulting in a total consideration of $3.7 billion.

Jefferies LLC, Qatalyst Partners LP, J.P. Morgan Securities LLC, and Rothschild & Co. acted as financial advisors and Sidley Austin LLP acted as legal advisor to Clearlake Capital. Foros acted as financial advisor to Blackbaud and Vinson & Elkins L.L.P. acted as Blackbaud's legal advisor.

Clearlake Capital Group, L.P. cancelled the acquisition of remaining 81.7% stake in Blackbaud, Inc. (NasdaqGS:BLKB) from José Enrique Feliciano, Behdad Eghbali and others on May 15, 2024. On May 15, 2024, Blackbaud Board sent a letter on behalf of the Board of Directors of the Company which provides that the Blackbaud Board has unanimously concluded that Clearlake?s indication of interest significantly undervalues the Company and is not in the best interests of all Blackbaud stockholders. The Board, hence rejected a buyout proposal at $80.00 per share.