R1 RCM Committee says talks with New Mountain, TCP-ASC must stop for now

In a regulatory filing, R1 RCM stated: “As previously disclosed on March 11, 2024, the Board of Directors of R1 RCM Inc. formed a special committee comprised solely of independent directors to evaluate all strategic alternatives in response to the Schedule 13D/A filed by New Mountain Capital on February 26, 2024. TCP-ASC ACHI Series LLLP subsequently filed a Schedule 13D/A on March 11, 2024. Advisors to the Special Committee include Qatalyst Partners and Barclays as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel. As the Special Committee works through its thorough process to determine a course of action to maximize value for all shareholders, they have directed that any discussions between New Mountain Capital and TCP-ASC concerning a potential transaction with respect to the company (whether or not structured as a joint transaction) must cease at this time. As such, the Special Committee has not approved at this time any of the standstill waivers requested by New Mountain Capital or the waivers requested by New Mountain Capital or by TCP-ASC under antitakeover statutes. No assurances can be given regarding the outcome or timing of the Special Committee’s review process. The company does not intend to make any further public comment regarding the review unless and until it has approved a course of action for which further disclosure is appropriate.”