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Shareholder urges athenahealth's board to launch formal solicitation process

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Shareholder urges athenahealth's board to launch formal solicitation process

ClearBridge Investments LLC is urging athenahealth Inc.'s board to instruct its financial advisers to launch a formal solicitation process, including all potential strategic and financial suitors.

The move is in connection with Elliott Management Corp.'s proposal to acquire athenahealth in an all-cash deal.

In a May 30 letter addressed to athenahealth's board, ClearBridge encouraged the board to "fully exercise its fiduciary responsibility to represent all of the company's shareholders."

Elliott Management, with its $160-per-share proposal to acquire athenahealth, had earlier expressed disappointment with the latter's lack of communication. According to Elliott Management, athenahealth acted in a similar manner when the company engaged it in November 2017.

ClearBridge Investments is an investment affiliate of Legg Mason Inc.