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.
