The Daniel Island software company announced the third 10-day extension of its cash tender offer for all outstanding shares of Convio Inc. Blackbaud’s CEO said the company will not meet its initial estimate for closing the acquisition by the end of this quarter.
By Lauren Ratcliffe
Published March 22, 2012
“While we will not meet our initial estimate for closing the acquisition by the end of this quarter, we are seeing progress in the DOJ’s review process,” said Marc Chardon, Blackbaud’s CEO. “We remain committed to re-filing our HSR notification and report as soon as appropriate.”
Terms of the original merger agreement allow Blackbaud to extend the cash tender offer in 10-day increments.
“The ability to extend our offer, that is included in the merger agreement, provides us needed flexibility during the HSR review process,” said Jon Olson, Blackbaud’s general counsel. “It enables us to follow a regular procedure every 10 business days to assess and adjust the closing timeline as appropriate.”
The original merger notification stipulated the purchase of Convio for $275 million, or $16 per share.