 |
Joele Frank, Wilkinson Brimmer Katcher represents Athenahealth as the healthcare technology company received an unsolicited $160 per-share takeover bid today from Paul Singer’s Elliott Management Co.
The proposal represents a 27 percent premium to the target company’s May 4 closing share price.
Elliott, which took a nine percent stake in the Watertown (MA) company a year ago, is eager to help Athenahealth unlock its full potential to “fundamentally change the healthcare information technology company."
In its letter to the board, Elliott says it held “extensive private engagement” with Athenahealth’s management and board over the past year.
The investment firm believes Athenahealth’s management fails to grasp the benefits of going private and appears “destined to repeat the same operational and strategic failures” that have plagued the company and its shareholders.
Jonathan Bush, cousin of President George W. Bush, heads Athenahealth, which acknowledged Elliott’s offer and will review the proposal with financial advisor Lazard.
JFWBK’s Barrett Golden, Nick Lamplough and Scott Bisang handle Athenahealth.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
Throughline Global Advisors represents Principal Mineral as it acquires Conductive Group, manufacturer of advanced materials for the aerospace, telecommunications and electronics sectors.
