Blackbaud (BLKB) Extends Convio (CNVO) Tender Offer
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Blackbaud, Inc. (Nasdaq: BLKB)) has extended the expiration of its cash tender offer for all outstanding shares of common stock of Convio, Inc. (Nasdaq: CNVO) to midnight, New York City time, on Wednesday, April 4, 2012 from midnight, New York City time, today.
This extension supports Blackbaud providing the Department of Justice (DoJ) additional time to review the proposed acquisition before refiling its Hart-Scott- Rodino (HSR) Notification and Report. “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 chief executive officer. “We remain committed to refiling our HSR Notification and Report as soon as appropriate.”
Pursuant to the terms of the merger agreement between the two companies, the expiration date of the tender offer may only be extended in increments of no more than 10 business days each. “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.”
This extension supports Blackbaud providing the Department of Justice (DoJ) additional time to review the proposed acquisition before refiling its Hart-Scott- Rodino (HSR) Notification and Report. “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 chief executive officer. “We remain committed to refiling our HSR Notification and Report as soon as appropriate.”
Pursuant to the terms of the merger agreement between the two companies, the expiration date of the tender offer may only be extended in increments of no more than 10 business days each. “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.”
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