Bain Capital and TPG are among the suitors athenahealth [NASDAQ:ATHN] has selected to participate in the second round of its sale process, said three sources briefed on the matter.
Hellman & Friedman has also qualified for the next round, said two of the sources and a fourth source briefed on the matter.
More than five parties, including one strategic, have qualified for the next round, two further sources briefed said. Initial bids for the Watertown, Massachusetts-based healthcare technology company came in at or marginally above USD 160 a share, some of the sources briefed said.
Elliott Management, through its private equity affiliate, continues to be actively involved in the sale process, two of the sources said. The fund, which owns an 8.9% stake in the company, could also consider rolling over its equity among its options and join up with a third party in a take-private transaction.
This news service reported on 11 July that athenahealth was collecting initial bids that week, with a handful of financial sponsors circling the company.
athenahealth, Elliott and Bain declined comment. H&F and TPG did not respond to requests for comment.
by Bhavna Kaul and Jay Antenen with additional reporting by Dane Hamilton