Activist investor Paul Singer’s Elliott Management is reportedly dropping its $160 per-share bid for Athenahealth, and other potential buyers are said to be reconsidering an offer.
Singer might still make a smaller bid, potentially as low as $150 per share, the New York Post reported on Monday. As interest in the firm wanes, Athenahealth extended the final offer deadline to Sept. 27, according to the Post.
Spokespersons for Athenahealth and Elliott did not immediately respond to a request for comment.
Athenahealth previously pushed back against Singer’s claim that the company’s shareholders supported the hedge fund’s takeover attempt. The firm released a statement in May saying it would review the offer despite “attempts to publicly pressure the board and management team.”
Soon after, co-founder Jonathan Bush — a cousin of former President George W. Bush — stepped down from his role as chief executive officer and board member, and the company launched a review of potential sale or merger offers.
Athenahealth’s shares were down 10.2 percent to $128.50 in pre-market trading in New York.
