Athenahealth on Thursday rebuffed claims that its shareholders were pressing the company to accept a $7 billion acquisition proposal from billionaire Paul Singer’s activist investor firm Elliott Management.
While the healthcare technology company is still considering the $160 per share cash offer, Athenahealth said it disagreed with a letter sent by Elliott on Thursday, which claimed that its stockholders were supportive of the deal.
“We do not believe the positions set forth in Elliott Management’s letter are representative of the positions of all of our shareholders,” the company wrote, adding that it would take the time to review the offer despite “attempts to publicly pressure the board and management team.”
Athenahealth also cited a private offer previously submitted by Elliot that it said “was not in the best interests of the company’s shareholders.”
It its letter, Elliott said it is aware of other parties that “have expressed interest in participating in a sale process.”
“We think the best next step would be for the company to authorize its advisors to immediately initiate a sale process, in which Elliott will participate as a bidder,” the firm wrote.
A Elliott spokesman did not immediately respond to request for comment.
Athenahealth’s stock was up 0.4 percent from the prior day’s end to $154.21 per share.
