R1 RCM is allowing its two biggest shareholders to discuss a potential joint buyout of the company, according to a regulatory filing.
In February, private equity firm New Mountain Capital and TCP-ASC — an investment vehicle jointly owned by TowerBrook Capital Partners and Ascension Health Alliance — said they were considering a potential cash offer for all of R1's outstanding stock. In March, R1 formed a special committee of independent directors to evaluate "strategic alternatives" in the wake of the shareholders' interest. The company told the shareholders on March 19 to halt discussions.
New Mountain said in an April 29 regulatory filing that it remains interested in a potential buyout offer, but is "now only interested in pursuing such a transaction jointly with TCP-ASC." New Mountain said it has not had discussions with TCP-ASC since March 18.
The May 6 waiver from R1 stipulates that discussions must cease June 13 unless extended by the revenue cycle management company.