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After brawl with activist investor Elliott, Athenahealth is selling for a lower price

What makes a deal a good deal?

For Athenahealth Inc., it’s all about perspective.

The health-care technology company is being acquired for $135 per outstanding share, or a total value of about $5.7 billion, Athenahealth ATHN, -0.31% confirmed on Monday.

That’s a major reduction from the $160-per-share bid that one of the acquiring parties, hedge-fund Elliott Management, offered in an unsolicited bid back in May.

Yet Monday’s news makes for a “relief for shareholders,” Leerink Partners analyst David Larsen said, “given the steady deterioration in ATHN’s business. Following another quarter of weak bookings and disappointing earnings, we believe ATHN would likely have traded to ~$105-$110 per share without a deal.

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