Athenahealth fields multiple bids, but offers not much higher than current stock price, sources say

Sept. 28, 2018

Athenahealth has received multiple takeover bids, sources tell CNBC.

The bids are not seen as being far above the stock price of $131 before the latest news, but the Athenahealth board is motivated to get a deal done, the sources said. Interest is coming from two private equity firms and one strategic buyer, the sources said.

Paul Singer’s Elliott Management previously had bid $160 a share for the healthcare software maker in an all-cash unsolicited offer. That put pressure on the company to consider strategic options. Jonathan Bush stepped down as CEO in June.

Athenahealth initiated a strategic review in June and said it would consider a sale or merger or remaining as an independent company.

Shares of Athenahealth rose 2.3% on Sept. 27.

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