Elliott Management sent a letter to the Board of Directors of athenahealth following up on Elliott’s recent proposal to acquire athenahealth for $160 per share in cash.
The letter aggregated for the Board the outpouring of positive reactions to Elliott’s offer specifically and to the prospect of a sale in general. These reactions included i) positive feedback from athenahealth shareholders, ii) published research from equity research analysts, iii) a survey of the broader investment community, and iv) comments from informed media.
According to the letter, the investment community broadly agrees that athenahealth has struggled as a public company and should immediately explore a value-maximizing sale, including consideration of Elliott’s offer.
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