UPDATE: Feltl and Company Downgrades Convio to Hold
In the report, Feltl and Company writes, "The total value of the deal is nearly $325M, or an enterprise value of $275M plus roughly $50M in existing cash. Blackbaud (BLKB NOT RATED) will fund the deal through a combination of cash and debt. The deal is expected to close in 1Q12. The merger agreement does include a termination provision calling for Convio to pay Blackbaud a $11M termination fee should it decide to terminate the transaction."
Feltl and Company has raised the price target to $16 on Convio, which is currently trading up $5.15 from Friday's $10.74 closing price.
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