Athenahealth's largest investor says sale is in 'best interest' for shareholders

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Janus Henderson Group met with athenahealth's board of directors to argue that initiating a "formal sale process" is in the "best interest of the [company's] shareholders," the asset management group disclosed in a recent U.S. Securities and Exchange Commission filing.

Janus Henderson Group told the board of directors May 15 "it is in the best interest of [athenahealth's] shareholders to engage with third parties making offers for the [company], and to open up a broader sales process." The asset management group also expressed "concerns over [athenahealth] management's execution of strategic initiatives."

Janus Henderson Group is athenahealth's largest shareholder, and maintains an 11.9 percent stake in the company, according to the Politico Morning eHealth newsletter.

Janus Henderson Group did not identify the organizations that have reportedly made offers to purchase athenahealth. However, the firm initiated its discussion with athenahealth's board of directors one week after Elliott Management made an unsolicited bid for athenahealth at $160 per share. Elliott Management also released a letter May 14 claiming athenahealth hadn't engaged in acquisition talks with the investment management firm.

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