Shareholders accuse Pushpay board of ‘waving the white flag’

Pushpay has dominated the large and mega church market, but has been struggling to win market share among smaller churches. (Photo: Pushpay)

Dan Brunskill

Mon, 31 Oct 2022

Fund managers invested in Pushpay Holdings are unhappy with a board-endorsed takeover offer, which they believe undervalues the church software company. Late on Friday night, the board of directors recommended shareholders accept a takeover offer of $1.34 per share, a 13% premium to its previous closing price.The bid from private equity firms BGH Capital and Sixth Street values the company at more than $1.5 billion but falls in the lower end of Pushpay’s historical trading range and similar transactions.Multiple shareholders told Bus...

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