Elliott makes $7B all-cash bid for Athenahealth

| | Health Exec | Policy & Regulations

According to CNBC, Elliott Management made an all-cash deal for Athenahealth on Monday morning. Elliott’s bid is for $160 a share—a 27 percent premium to the Massachusetts-based healthcare technology company’s Friday afternoon price.

Athenahealth shares were up sharply in Monday trading after initial reports of a possible deal.

Elliott released a letter to Athenahealth on Monday, claiming his firm has had constructive discussions with management, "and we greatly appreciate how much time the management team, led by Jonathan, and the [b]oard have invested in evaluating our perspectives as well as the perspectives of our fellow shareholders."

Paul Singer's Elliott makes all-cash offer for Athenahealth of $160 a share

But Elliot continued, “Unfortunately, we are faced now with the stark reality that athenahealth as a public-company investment, despite all of its promise, has not worked for many years, is not working today and will not work in the future. Given athenahealth's potential, this reality is deeply frustrating."

CNBC is reporting the deal could be worth $7 billion, including debt.

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