Blackboard announced that it has retained Barclays Capital as its financial advisor in response to receiving unsolicited, non-binding proposals to acquire the company.
The company is evaluating the offers as well as strategic alternatives, including whether third parties would have an interest in acquiring the company at a price and on terms that would represent a better value for its shareholders than having the company continue to execute its business plan on a stand-alone basis.
“Our Board is committed to fulfilling its fiduciary duties to act in the best interests of shareholders. We remain focused on our company’s strategic plan and are committed to delivering the highest quality products and sustained client satisfaction,” stated Michael Chasen, Blackboard’s President and Chief Executive Officer.
There can be no assurance that the process described will result in a transaction and the company may not provide further updates.