Athenahealth fetches $5.7 billion cash buyout offer - 11/12/2018 9:10:20 AM

Athenahealth Executive Chairman Jeff Immelt

Elliott Partner Jesse Cohn said, "We are pleased to support this transformative transaction combining athenahealth and Virence, which we believe represents an outstanding, value-maximizing outcome for athenahealth shareholders".

Elliott Management made its offer for $160 per share in cash after saying it had grown frustrated with athenahealth's struggles, which included missed guidance targets and churning through five chief financial officers in the last four years.

Athenahealth shares soared Monday after the struggling medical billing software maker received a $5.7 billion cash buyout offer.

Athenahealth's CEO resigned in June, helping clear a path for the sale.

Evergreen and Veritas plan to pair athenahealth with Virence Health, which Veritas bought earlier this year.

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Athenahealth, whose cloud-based service is used to track revenue from patients, physicians and hospitals, had been under pressure to sell itself from Elliott, which has about a 9% stake in the company.

Former General Electric GE.N Chief Executive Officer Jeff Immelt now serves as its chairman.

The acquisition values Athenahealth at $135 per share, according to a statement on Monday. Athnahealth shares ended trading on Friday at $120.35. Since then, it has been in talks with various private equity firms about trying to buy the company, sources have said.

Athenahealth had been under pressure from Elliott to sell itself since the hedge fund acquired a stake in the company previous year. In a third-quarter earnings report released Friday, the company reported it booked less business compared to the same period of 2017. Virence CEO Bob Segert will lead the new company.

Athenahealth's board of directors unanimously approved the deal, which the company expects to close in the first quarter.

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