Athenahealth considering sale of company as CEO Jonathan Bush steps down

Jonathan Bush, co-founder, chief executive officer and president of Athenahealth.

Adam Jeffery | CNBC
Jonathan Bush, co-founder, chief executive officer and president of Athenahealth.

Athenahealth said Wednesday it is considering strategic alternatives as its CEO Jonathan Bush steps down, effective immediately.

Athenahealth is fighting a takeover offer for $160 a share from Paul Singer’s activist firm Elliott Management. The stock is now at $151 a share, about 6 percent below the offer price. Ahead of the news, Athenahealth shares were halted.

As part of its strategic review, the company said it would consider a sale, merger or remaining an independent company.

Assuming the day-to-day operations of the company will be former General Electric CEO Jeff Immelt, who has been appointed executive chairman, and Chief Financial Officer Marc Levine. Amy Abernethy will be advising the executive leadership team on strategy.

Athenahealth backed its full-year revenue forecast of between $1.31 billion and $1.38 billion.

Bush, nephew of former president George H.W. Bush, founded health-care technology company in 1997. He has recently come under scrutiny after reports surfaced nearly two weeks ago that he attacked his ex-wife during a custody battle more than a decade ago. In recent days, examples of potentially inappropriate office behavior emerged.

Jonathan Bush is the brother of Billy Bush, who was fired from NBC’s “Today” show after the airing in October 2016 of a salacious 2005 recording of then-presidential candidate Donald Trump.

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