BlackLine Pressed to Release Details of SAP Offer, Other Acquisition Proposals

MT Newswires Live11-24

BlackLine (BL) is being asked by Engaged Capital to release records relating to the company's handling of acquisition offers, including a $66 per share acquisition offer from SAP (SAP), the activist investor said Monday.

Engaged said its public demand follows a "pattern of poor stockholder engagement" by BlackLine and poor performance by the company.

"We took this course of action because while we typically prefer private dialogue, our experience has been that meaningful engagement with the company has proven extremely challenging due to the company's general lack of responsiveness and insistence on making meetings difficult to schedule," Engaged said in a Nov. 21 letter. "We understand many other stockholders have experienced a similar lack of engagement."

The letter followed reports by Bloomberg and Reuters last month that SAP sought to buy the company in June for $4.5 billion, the company said.

Blackline did not immediately reply to MT Newswires' request for comment.

Shares of the company were up 1.2% in recent premarket activity.

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