CHARLESTON, S.C. - Blackbaud (NASDAQ: NASDAQ:BLKB), a software company focused on social impact, has ended its stockholder rights plan, commonly known as a "poison pill," ahead of its scheduled expiration date.
The termination took effect at the close of business today. The company's Board of Directors unanimously agreed that maintaining the rights plan was not necessary for the best interests of the shareholders at this time.
The rights plan was originally set to expire on October 2, 2024, but the Board's decision has preempted this date, negating the need for any action from stockholders concerning the termination.
Rights plans are often adopted as a defensive measure against hostile takeovers, allowing existing shareholders the right to purchase additional shares at a discount, effectively diluting the potential acquirer's stake.
Blackbaud, which claims to be the leading provider of software for powering social impact, serves various sectors including non-profit organizations, educational institutions, and companies focused on corporate social responsibility.
The company has been recognized for its role in the social impact sector, being named in various lists including America's Most Responsible Companies and America's Best Employers.
The company's software is used for a range of functions from fundraising and financial management to grantmaking and digital giving. Blackbaud operates on a global scale, with millions of users and over $100 billion processed through its platforms annually.
This news is based on a press release statement and should be evaluated in the context of the company's history and the broader market. Blackbaud has previously noted that forward-looking statements, such as those concerning the expected benefits of products and product features, involve risks and uncertainties.
The company's performance and the success of its strategies are subject to a variety of economic conditions and business risks, as detailed from time to time in filings with the U.S. Securities and Exchange Commission.
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