Blackboard (BBBB) Makes Mid-Day Jump on Rehashing of M&A Talk

June 15, 2011 2:54 PM EDT
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Blackboard, Inc. (Nasdaq: BBBB) shares are at it again today, following more M&A chatter.

Providence Equity Partners is leading the bidding process to acquire Blackboard, says Bloomberg, citing someone familiar with the process.

Currently, Blackboard has a market cap of about $1.4 to $1.5 billion.

Hellman & Friedman LLC is also said to have put in a bid.

Blackboard indicated that it was weighing strategic alternatives back in April, which it tapped Barclays Capital as strategic advisor in the process. Stifel Nicolaus earlier this year said that the company may draw bids as much as $55 per share, a nice premium to today's range of $41.33 to $44.40. The stock has only been at a high of $50.26 over the last 52-weeks.

But, nothing is firm yet, and discussions could still unravel, a source said.

Blackboard shares shot up about 7 percent on the report, but have since settled back, and are now trading down 0.5 percent.

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