Market Chatter: BlackLine Faces Investor Pressure to Explore Potential Sale

MT Newswires Live11-08

BlackLine (BL) faces pressure from several investors to explore a potential sale following takeover interest from SAP (SAP), Bloomberg reported Friday, citing people familiar with the matter.

Ananym Capital Management and Tensile Capital Management sent letters to BlackLine's board, while Sheffield Asset Management and another major shareholder have sought the board's view on a potential sale, the report said.

Investor Engaged Capital urged the board to pursue a sale in a letter sent last week, the report said.

Earlier this year, BlackLine rejected a takeover proposal from SAP that valued the company in the high $60s per share, Bloomberg reported.

"The board and management team engage with shareholders routinely and continue to do so," BlackLine Chief Executive Officer Owen Ryan said Thursday on a conference call, Bloomberg reported.

BlackLine didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 53.92, Change: -2.90, Percent Change: -5.10

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