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Elliott Urges Athenahealth Board To Engage In Talks Regarding Its Proposal

Elliott Management Corp. said it has released a letter to the Board of Directors of athenahealth, Inc.'s (ATHN) board of directors, regarding Elliott's proposal to acquire athenahealth for $160 per share in cash.

Elliot's letter outlined concerns with athenahealth's refusal to engage with any of the parties, including Elliott, that have expressed interest in acquiring athenahealth.

In addition, the letter reiterated Elliott's view that immediate engagement with Elliott to explore a take-private transaction is the right course forward for all athenahealth stakeholders.

"We find this lack of communication concerning because, unfortunately, this is the same pattern of behavior we experienced when we tried to get the company to engage in November. athenahealth's board refused to engage with us, despite our repeated offers to make ourselves available for discussion. Moreover, as far as we are aware, athenahealth did not even engage an investment bank to evaluate our interest, as no investment bank or other third-party advisor contacted us," Elliott said in the letter.

Further, Elliott said it is excited about the opportunity to acquire athenahealth and has a full team ready to engage in confirmatory diligence in order to reach a definitive deal.

athenahealth is a provider of network-enabled services for hospital and ambulatory customers nationwide.

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