San Diego, Jan. 16, 2012 (Shareholders Foundation) -- The announcement by Blackbaud, Inc that it intends to acquire all of the outstanding shares of Convio, Inc. for $16.00 per share in cash prompted an investigation for investors in Convio (NASDAQ:CNVO) shares concerning whether the offer to acquire Convio and the buyout process are unfair to investors in NASDAQ: CNVO).

The investigations by law firms concern whether Convio, certain officers and directors, and/or others breached their fiduciary duties owed to Convio, Inc. (CNVO) investors in connection with the proposed acquisition.

On January 17, 2012, Blackbaud, Inc. (NASDAQ: BLKB) announced that it has entered into a merger agreement with Convio, Inc. (NASDAQ: CNVO).Under the terms of the proposed transaction, Blackbaud will acquire all outstanding shares of common stock of Convio for $16.00 per share or an enterprise value of approximately $275 million (based on fully diluted shares). Blackbaud, Inc. said the offer represents a premium of 49% compared to Convio's recent closing price.

Following the takeover news shares of Convio, Inc. (Public, NASDAQ:CNVO) jumped from $10.73 per share on Friday, January 13, 2012 to $15.90 per share on Tuesday, January 17, 2012.

However, Convios performance increased over the past years. Its annual Revenue rose from $43.08million for 2007 to $69.74million and its Net Loss of $10.51million in 07 turned into a Net Income of $3.46million in 2010. In addition, at least one analyst has set the high target price for NASDAQ: CNVO stocks at $17 per share, thus well above the current offer.

Therefore the investigation for NASDAQ:CNVO investors concerns whether the Convio Board of Directors undetook an adequate sales process and in particular breached their fiduciary duties to Convio (NASDAQ:CNVO) shareholders by failing to adequately shop the Company before entering into this transaction.

In particular considering that Blackbaud, Inc. said also announced on Janaury 17, 2012 that all Convio directors and officers and certain of its affiliates (representing over 30% of Convio's total outstanding shares) have already agreed to tender all of their respective shares subject to tender and support agreements.

Thus a potential securities class action lawsuit would seek to maximize the amount of money and information Convio, Inc. (CNVO) shareholders would receive in a buyout, so the law firm.