Allscripts (MDRX) Higher as First-Round Bidding Complete

October 8, 2012 11:47 AM EDT
Allscripts Healthcare Solutions (Nasdaq: MDRX) shares are higher following an update on its M&A plans.

Reports out Monday have first-round bids from private equity firms like Silver Lake Management, Carlyle Group (Nasdaq: CG), and Blackstone (NYSE: BX) being received by the company. Allscripts is looking to accept second-round bids within three or four weeks, possibly tapping another bank as an advisor in the process. The first-round was overseen by Citigroup.

Allscripts has struggled over the past few months following the firing of then Chairman Phil Pead in April. Three other directors left the company in protest and it was sued by 7.4 percent holder HealthCor Management in May.

Mainly, the integration of Eclipsys had been pressuring shars -- Pead came over from the company -- causing Allscripts to lose key hospital contracts, including a $302 million New York technology supply contract.

Allscripts is up 3.5 percent heading into afternoon trading Monday.

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