Deals
Athenahealth Surges After Elliott Seeks $6.46 Billion Takeover
- Hedge fund rips management over ‘host of operational issues’
- Company said to have rejected two offers to be taken private
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Athenahealth Inc. surged after activist investor Elliott Management Corp. bid to acquire the medical company for $160 a share, saying executives had “failed to correct a host of operational issues.”
Elliott, the New York hedge fund led by billionaire Paul Singer, said Monday that it made an all-cash takeover offer, which would value Athenahealth at $6.46 billion. Athenahealth, which makes an online platform doctors use to manage their practices, said in a statement that its board will “carefully review the proposal.”