Blackboard stock soars on takeover offers
D.C.-based education software company Blackboard Inc. says it has received unsolicited takeover offers and says it’s considering them.
Its stock rallied as much as 35 percent in Tuesday trading.
Blackboard has hired Barclays Capital as its financial adviser and says it is evaluating the offers as well as other strategic alternatives to enhance shareholder value. It did not identify how many offers it had received, or from whom.
“Our board is committed to fulfilling its fiduciary duties to act in the best interest of shareholders,” said chief executive Michael Chasen in a brief statement. “We remain focused on our company’s strategic plan and are committed to delivering the highest quality products and sustained client satisfaction.”
Blackboard stock (NASDAQ: BBBB) was up $12.40 to $49.56 in afternoon trading.
Blackboard posted $111.7 million in fourth quarter sales, up 18 percent from a year earlier, though a big increase in costs for acquisitions, sales and marketing led to a drop in net income.
Read more: Blackboard soars on takeover offers | Washington Business Journal