Convio is Up 50% After Buyout Announcement
Convio (NASDAQ: CVIO) shares are up nearly 50% after the company announced that it would be bought out by Blackbaud (NASDAQ: BLKB) for $16 per share.
Under the terms of the agreement, Blackbaud will acquire all outstanding shares of common stock of Convio for $16.00 per share, representing a premium of 49% compared to Convio's recent closing price and an enterprise value of approximately $275 million (based on fully diluted shares). Blackbaud will finance the deal through a combination of cash and debt. In addition to providing meaningful and immediate value for Convio's shareholders, the transaction is expected to be accretive to Blackbaud's non-GAAP financial results for the full year 2012 and increasingly so in future years.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.