R1 RCM has formed a special committee of independent directors to evaluate "strategic alternatives" in the wake of two major shareholders mulling an offer to take the company private.
Private equity firm New Mountain Capital and TCP-ASC — an investment vehicle jointly owned by TowerBrook Capital Partners and Ascension Health Alliance — are considering a potential cash offer of $13.75 per share for all R1's outstanding stock. New Mountain owns 32.4% of R1 and TowerBrook owns 29.6%.
In a March 11 news release, R1 said it "welcomes open, constructive communications with all stockholders and encourages input that advances our shared goal of enhancing stockholder value."
"Consistent with its fiduciary duties, and in consultation with its independent advisors, the special committee will carefully review the communications from New Mountain Capital and evaluate strategic alternatives to determine the course of action that it believes is in the best interests of R1 and its stockholders," the release said.
R1 said that no assurances can be given regarding the outcome or timing of the special committee's review process and it 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."