Blackbaud Inc. BLKB, -1.35% said Tuesday its board unanimously adopted a limited duration stockholder rights plan or a so-called poison pill, with an expiration date of Oct. 2, 2023. The company, which makes cloud software for the philanthropic community said the rights plan “will reduce the likelihood that any entity, person or group gains control of Blackbaud through open-market accumulation without paying all stockholders an appropriate control premium.” The rights are triggered if any party has more than a 20% share of stock in the company. The move comes after private equity firm Clearlake disclosed on Oct. 3 that it’s talking to the company’s management and board to evaluate strategic alternatives, to increase shareholder value, governance and control. Clearlake currently owns an 18.4% stake in Blackbaud. Shares of Blackbaud rose 0.4% in premarket trades.
