At least five potential bidders have expressed interest in acquiring athenahealth, people familiar with the matter told Bloomberg.
New York City-based hedge fund Elliott Management made an unsolicited all-cash bid for athenahealth worth roughly $7 billion in May, offering to acquire the company at $160 per share. One month later, athenahealth issued a statement that the company's board of directors initiated a process to consider "strategic alternatives" for the company, which might include a sale or merger.
Athenahealth has received interest above $135 per share, according to sources who spoke with Bloomberg. However, offers for the company have come in below Elliott Management's bid of $160 per share.
With final bids for athenahealth due by the end of October, athenahealth reportedly has reached out to some early bidders who hesitated to match Elliott Management's initial proposal. Some of these companies reportedly have re-entered the bidding process.
The five private equity firms considering bids for athenahealth are: Elliott Management; Bain Capital; Hellman & Friedman; Clayton, Dubilier & Rice; and TPG. Elliott Management may maintain its current 9 percent stake in athenahealth, even if it is successful in acquiring the company, sources told Bloomberg.
Representatives from athenahealth and the five private equity firms declined Bloomberg's request for comment.