The R1 RCM special committee has set a July 31 deadline for interested parties to submit fully-financed bids in connection with its review process.
R1 formed the special committee of independent directors in February in the wake of two major shareholders mulling an offer to take the company private.
"No assurances can be given regarding the outcome or timing of the special committee’s review process," R1 said in a July 24 news release. "The special committee continues to evaluate all alternatives for R1, including continued execution of its strategic plan as a public company. R1 does not intend to make any further public comment regarding the review unless and until it has approved a course of action for which further disclosure is appropriate."
New Mountain and TCP-ASC — an investment vehicle jointly owned by TowerBrook and Ascension Health Alliance — previously discussed a joint proposal to take R1 private but were unable to come to an agreement. New Mountain, which has a 32% interest in the company, decided to go solo on its offer, making a $13.25-per-share proposal.
Bloomberg reported on July 18 that Private equity firms TowerBrook Capital Partners and Clayton, Dubilier & Rice are considering a rival offer to take over the company. TowerBrook is R1's second-largest shareholder with about a 30% stake in the company.