Will Elliott Management gain control of athenahealth? A timeline of events

Earlier this month, Elliott Management — an investment management firm with a history of restructuring management teams at various organizations — made an unsolicited bid for athenahealth that may be worth almost $7 billion. Athenahealth has yet to respond to Elliott Management, leaving many experts in the health IT sector curious about the company's future.

Here's a breakdown of events leading up to Elliott Management's proposed bid, beginning one year ago when the investment firm first purchased a roughly 10 percent stake in athenahealth.

May 18, 2017: Elliott Management purchased a 9.2 percent stake in athenahealth, raising questions about the company's future. Elliott Management is an investment management firm known for "rebooting management and selling companies," CNBC reported in May 2017.

Aug. 1, 2017: The athenahealth board of directors and management team unveiled plans to restructure the company's senior leadership. Under the plan, athenahealth cofounder Jonathan Bush — who had served as CEO, president and chairman of the board — would maintain his role as CEO. However, the board would establish a separate president role and recruit an independent chairman.

February 7, 2018: Jeff Immelt, former chairman and CEO of General Electric, joined athenahealth as chairman. In a Feb. 7 statement, athenahealth leadership said Mr. Immelt's appointment was part of a series of initiatives athenahealth leadership launched in 2017 to create a more "focused and efficient company, drive increased levels of profitable growth and enhance shareholder value." The company has yet to appoint a president.

April 2018: Bloomberg reported Fidelity Investments, which had been athenahealth's largest shareholder, sold more than half its holdings as of April 30.

May 7, 2018: Elliott Management made an all-cash offer for athenahealth at $160 per share, according to a letter the investment management firm sent to athenahealth's management team. The proposed deal could be worth roughly $7 billion, including debt, according to CNBC. In the letter, Elliott Management wrote athenahealth, "despite all of its promise, has not worked for many years."

May 7, 2018: Athenahealth released a statement confirming its board of directors would "carefully review the proposal to determine the course of action that it believes is in the best interest of the company and athenahealth shareholders." The statement characterized Elliott Management's bid as an "unsolicited acquisition proposal."

May 14, 2018: Elliott Management wrote to athenahealth's board of directors revealing frustrations the company hadn't engaged in acquisition talks in the week since the investment management firm made its offer. The firm said neither athenahealth nor the company's advisers had reached out to Elliott Management leadership, despite multiple messages.

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