Athenahealth shares tanked on Tuesday after a report said Paul Singer's activist firm Elliott Management has backed away from its $160-a-share bid for the health-care company.
Singer could be mulling a bid at a lower price, The New York Post reported Monday evening, citing sources. As a result of Singer's retreat, Athena has extended the final bid deadline by 10 days to next Thursday, the paper said.
Shares of Athenahealth, which sells a software platform to medical providers, were more than 11 percent lower in premarket trading Tuesday at about $127 per share. The stock is more than 7 percent higher so far this year.
Elliott Management officials weren't immediately available to comment. An Athena spokesperson said the company had no comment.
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