The revenue cycle management company announced March 11 that it formed a special committee of independent directors to evaluate “strategic alternatives” in the wake of the two shareholders mulling an offer to take the company private.
In a March 19 filing with the U.S. Securities and Exchange Commission, R1 RCM said that as the special committee “works through its thorough process to determine a course of action to maximize value for all shareholders, they have directed that any discussions between New Mountain Capital and TCP-ASC concerning a potential transaction with respect to the company (whether or not structured as a joint transaction) must cease at this time.” R1 also said the committee has not approved any of the standstill waivers requested by the shareholders.
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 of $13.75 per share for all R1’s outstanding stock. New Mountain owns 32.4% of R1 and TowerBrook owns 29.6%.
R1 RCM said in the March 19 filing that “no assurances can be given regarding the outcome or timing of the special committee’s review process,” and that the company does not intend to make any further comment on the review “unless and until it has approved a course of action for which further disclosure is appropriate.”
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