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.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
