US hedge fund Elliott Management offers to buy Athenahealth

New York (AFP) – US hedge fund Elliott Management, fresh off an activist shareholder triumph at Telecom Italia, proposed Monday to acquire Athenahealth for $6.9 billion.

Elliott, which already owns 8.9 percent of Athenahealth, announced it was adopting its aggressive approach to cull value from public companies in the health care sector, citing the Athena’s chronic underperformance and reluctance previously to engage in discussions to go private.

Athenahealth provides insurance and health services and reports serving 110 million patients.